The shareholders of Lebus Upholstery and Lebus Furniture have taken the decision to sell 100% of their shareholding to the company's employees. An Employee Ownership Trust (EOT) has taken control of both companies with immediate effect, yet much of the consideration will be deferred over the next few years, states the business.
Lebus says the current board members will all remain in situ, and are "fully committed to the business".
The upholstery manufacturer says its directors explored various options to secure the future growth and prosperity of both companies, and felt that the EOT provided the best solution.
“Private equity was not something we wanted to consider, and a trade sale, while attractive to shareholders, would not have guaranteed the security and continued employment of many of our colleagues, who have made such great contributions to the success of the business in recent years," comments MD Karl Walker. "We also wanted to remain within the Scunthorpe area and continue to be a major employer within the town.
"The EOT gave us the perfect compromise. It ensures the continuity and integrity of the business, while fully engaging a committed workforce in the knowledge that they will all share in the future success of the company.
"It also reassures our customer base that the business has taken steps to protect both its employees and supply chain for the long term. The company is in the best shape ever, and the move to the EOT will allow the board to plan for future succession, maintaining the ethos and culture of the business."
