Go EO helped Plus Finance Ltd sell to an Employee Ownership Trust
What does the business do
Arrange finance solutions for companies moving offices or refurbishing/renovating existing commercial premises
EOT sale details
80% sale on 19 January 2024
Website
https://www.plusfinance.co.uk
Office location
Unit 1 Pressmore Farm,
Ashley Green Road,
Chesham,
HP5 3PF
Quotes below by
Nicki Matthews (one of the two founders)
Employee Ownership Trust sale for finance solutions company, Plus Finance Ltd
Founders:
Nicki Matthews and Steve Pullen, who were partners when they started the business back in 2001, have since married and had a family. The business started small and now has a team of 15 working with companies all over the UK.
They started the business because they felt they could provide a better service and they found a ‘niche’ which really worked for them. Nicki is the sales and business development specialist and Steve is the finance and commercial specialist.
Why was change needed for your finance company?
“At the end of 2022, completely unexpectedly a bigger broker approached us as they were looking to grow through acquisition. We had no urgent desire to sell at that time however we felt we had to take the offer seriously – as it was a lot of money on offer.
I’m 55 and Steve is six years’ older, so we knew we would have to think about our exit at some point. However our children are still teenagers.
We did take the process seriously and went through negotiations for around a year, but I was never sure it was the right thing. In the end we withdrew. It just didn’t sit right with me.”
What did you do next?
“My biggest concern when we were exploring selling the business to another entity was the security of my team. They are the backbone of the business – without them we would be nothing.
I started Googling and came across employee ownership as an option. I found the Go EO website and it simply stood out. It was so good. Clear, useful, simple to understand. This option seemed a win-win, everyone would get something out of it. I was so sure that I rang Chris, while on holiday, to set up a first meeting.”
What was it like working with Go EO?
“Working with Chris and his team was just easy. Chris made the whole thing quick and simple. It was done so quickly, within two or three months. It was almost too quickly, given our previous experience, it was almost a huge surprise and so efficient.”
How did your team take the news?
“They are thrilled. We employ mainly women in the business, most are working mums, some have been with us for more than a decade. It’s something which has worked so well for us and we are like a family.
Now they know that they can have a personal stake in the business’ future and its success will translate into rewards for them. We already have a loyal and dedicated team and I’m so sure this will deepen that close relationship even when Steve and I have ‘left the building’.”
What will you and Steve do now?
“We will exit slowly over the next five years or so. I’ll probably have a role which goes on longer part-time. We need to find the right people to take up the leadership who work in a similar way to Steve and I.
We are so thrilled that our business, which we poured so much into over the last 23 years, will go on to have a fantastic future for all existing – and future – team members.”
Go EO’s comments
“Steve and Nicki had clearly done an amazing job building a great business with a strong team. They were in no rush to escape, but realised an EOT could be a good medium to long term plan for both themselves and their finance company.
In the short term, very little will change. They’ll still lead the way. Plus they opted to retain a minority shareholding, to give employees Steve and Nicki were incentivised to ensure the company’s profitability long term. But they’ve handed lots of power to the team. Over time, Steve and Nicki will step down, as the senior employees step up, to secure the business going forwards.”
If you are interested in finding out more about transitioning to an EOT, get in touch with us at Go EO to see how we can help.