Case Study: EOT for Marketing Agency

Coda Communications Ltd sell to Employee Ownership Trust

Employee Ownership Trust sale for industrial marketing expert company, Coda Communications Ltd

What does the business do?

Industrial marketing experts for a world made better. We provide full-service marketing communications solutions to support the most sustainable and future-facing scientific and industrial technology companies in the world.

How did the business begin?

The business began in 2008 when founder Chris Lawrenson focused on his key areas of interest – industry and manufacturing.

Over 15 years, the business grew beyond his expectations, evolving into a full-service marketing communications agency working across a variety of industrial sectors.

How has the business evolved?

The business grew organically until it employed more than 30 people and today the team work with some of the world’s leading industrial-scientific manufacturers.

From beginnings offering corporate content, PR, design and branding, the agency has in recent years expanded to offer a broader range of marketing communications services including film, animation, campaigns, media planning and website design, as well as lead generation and performance marketing.

Why was change needed? (in the words of CEO Jen Swain)

“Chris shared his intentions to exit with me early in our discussions about me joining the business, and employee ownership chimed with our desire for business to be a force for good and his strong wish to give back to the people he’d built the business with.

He brought me in during 2024, allowing time for me to learn about our industrial client-base, whilst simultaneously starting to implement changes to our operation ready for our plan to move into an EOT. We began the process by informing the team of the decision – which they embraced wholeheartedly – and now, just six months after telling the team of our intent and two months into our EO journey – Chris has stepped back completely and is embracing his new role as Director on the Trust Board. I am enormously grateful to him for his trust in me, and the rest of the team, in taking on his business.”

What are Coda’s future plans?

“We have ambitious growth plans over the next five years, building on our success in delivering quality work and results for our clients – a reputation that’s been built over the last 17 years. We will be continuing to hone our specialism and our offer, to keep our clients ahead of the competition in an increasingly complex industrial landscape.”

Why did you choose Go EO (in the words of Chris Lawrenson)?

“Navigating any sale process is difficult, not least one that still in its relative infancy – or rather would have been difficult, were it not for Chris Maslin and the team at Go EO. I found them simply by making enquiries into employee ownership.

From the initial enquiry, through to engagement, valuation, and finally the sale process itself, Go EO demystified and educated every twist and turn of the process, providing clear instruction, calm guidance, and wise counsel throughout.

As seller, what could have been an emotive and stressful process was instead a satisfying and happy exit, with the absolute bonus of the business I had built now being owned by the people who deserved it most.”

How has it been in these early days of being an EOT? (in the words of Jen Swain)

“Becoming employee owned is already having a fantastic impact on our agency, and I believe it helped us achieve 105% of our annual turnover target in 2024 and deliver our best year ever. Although many elements have contributed to that performance, the overall culture, the sense of shared initiative and ownership mentality EOT has brought has led to increased motivation to do great work for our clients, and greater drive for Coda’s own success.”

Go EO’s comments

“Coda were introduced to us by a common connection, Andrew Brown. Andrew’s well versed in EOTs, having supported a few in/around the South West. He felt we were well placed to help complete the formalities of the transfer.

Chris Lawrenson was easy to work with. The leadership of the business seemed to have already been largely handed to Jen Swain, prior to us getting involved. The beauty of this is Chris was relaxed about the change of legal control, as from a practical perspective he’d already handed over control anyway.

It has however given Jen the confidence to continue to drive the business forward. We wish them all the best with the future of the company!”

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.