WSL has formed an employee ownership trust, thanks to a £1.25m term loan from Barclays.
The trust will allow Executive Chairman, Stephen Senior, to reduce his stake in the local family-owned business, while allowing it to continue operating in much the same way, providing security and continuity to employees and a greater say in the company decisions.
Stephen Senior said: “Barclays has played an integral role in the establishment of the employee ownership trust. I would like to thank them for their patience, flexibility and enthusiastic support to get this transaction over the line.
“They have been able to structure a funding package that suits our long-term needs, providing our dedicated workforce with security, continuity and greater say over the future direction of the business.”
Robin Richards, relationship director who led the deal for Barclays, added: “West and Senior is a valued client who have banked with Barclays for many years and we are committed to supporting a smooth transition as Stephen prepares to retire from the business.
“This deal ensures the long-term future of the company is safeguarded, providing job security for the workforce and continuity for customers.
“With the workforce now owning a significant stake in the company and the growth plans currently in place, I look forward to seeing how far the business can grow over the coming years given the high regard West and Senior is held within this market.”
BDO and Gateley advised West and Senior in respect of the transaction.