IT firm Port-P transitions to employee ownership

Birmingham primarily based IT options supplier Port-P has offered a controlling stake to an worker possession belief. The deal was led by the transactional tax crew at PKF Smith Cooper.

Port-P was co-founded by Mark Paget in 1994, with Aaron Harte becoming a member of shortly afterwards. The 2 males labored efficiently collectively to create the main supplier of each cloud primarily based and ‘on prem’ IT options that exists right this moment, boasting an array of shoppers situated throughout the size of the UK. Within the agency’s thirtieth 12 months, it has develop into an employee-owned agency.

Talking on the information, Paget commented, “Within the 12 months by which we rejoice our 30^th birthday, it appears becoming to take step one within the subsequent stage of our journey. The enterprise has been constructed on the foundations of our unimaginable crew and it feels superb to recognise and reward all of them in transitioning in the direction of full worker possession.”

Worker possession trusts (EOTs) grant staff efficient possession of the corporate. Research have proven such buildings to inspire staff to drive additional development, as they maintain a stake within the long-term success of the corporate and stand to profit from any future dividends. As a result of these components, EOTs are the quickest rising type of enterprise possession within the UK. In accordance with the Worker Possession Affiliation, the whole variety of worker owned companies within the UK is now over 1,400.

The sale of the controlling stake within the holding firm of Port-P noticed Jane Jevon and Christina Conlan of Authorized Readability present buy-side authorized recommendation to the trustees of the EOT, whereas the deal was led by the transactions tax crew at PKF Smith Cooper. The completion marks the crew’s second EOT transaction inside the expertise sector up to now three months. This time, PKF’s crew was led by Tax Companion Adam Rollason, who offered tax structuring recommendation on the deal and sell-side tax assist to the promoting shareholders.

Rollason commented, “I’m delighted to have been in a position to assist Mark and Aaron obtain their collective imaginative and prescient for the way forward for the corporate. I’ve little question that the enterprise will proceed to flourish beneath the brand new possession construction and I’m excited to observe their journey. Whereas worker possession is not going to work for each enterprise, it’s clearly turning into extra prevalent within the tech sector. That is the second EOT transaction which now we have accomplished in three months, and we’re persevering with to satisfy comparable companies which are contemplating worker possession as a real succession planning possibility.”

PKF Smith Cooper is the house of PKF within the UK’s Midlands area. Because the area’s main agency of trusted accountants and enterprise advisors, the skilled providers agency operates throughout key geographies in Derby, Nottingham, Birmingham, and Ashbourne.

Paget added, “The specialist assist and steerage offered by the crew at PKF Smith Cooper was invaluable in getting the transaction accomplished inside our desired timeframe and we thank them for all of their efforts during the last 4 months.”

PKF Worldwide is a worldwide community of corporations. The community’s 224 unbiased member corporations function beneath the PKF model in 150 international locations, and with 20,000 professionals. The community was listed in Consultancy.uk’s 2023 Top Consulting Firms ranking – with platinum scores in SME and household enterprise providers particularly.