My Staff Shop announce £10.5m buyout by Employee Ownership Trust
Management and staff of Lyneal Group Limited have concluded negotiations to bring the company under the ownership of a newly formed trust.
The £10.5 million deal gives the newly formed Lyneal Group Employee Ownership Trust the entire issued share capital of Lyneal Group Ltd with all the employees then having the beneficial interest in the Trust, making it the only major UK Employee Benefits platform owned by its Employees.
The company operates the successful Shrewsbury-based Employee Benefits companies MyStaffShop.com and MyHealthXtras.co.uk.
Current MD Jon Pardoe will remain in an advisory capacity until December, when he will fully exit the company. Jon held a celebratory drinks reception for all the new owners following the completion of the deal.
Lyneal Group Ltd have been advised by KMBA, Claritas Tax and Jamie Hawley at Aaron & Partners LLP. The existing Senior Management Team of Jonathan Breakell, David Cartlidge, Gemma Googan and Martin Jones will remain in place. David and Martin will be joined as Director Trustees by an experienced independent trustee, Lord Taylor of Goss Moor as Chair, Ian Mclean of Gee 7 Wealth and an Employee Representative, elected by the employees.
"Years of dedication and innovation has made our company the success it is today." says Management Team member David Cartlidge, who has been with the company since its inception in 2011 when he built the original My Staff Shop website. "It feels fitting that the current employees will now be the beneficiaries of that hard work, providing world class benefits packages for our clients' employees. This really is the ultimate employee reward programme - for employees, by employees!"
The Trust will continue to trade as www.mystaffshop.com and www.myhealthxtras.co.uk.
Current clients including Brighton & Hove City Council, B&M, Panther Logistics and Home Bargains, enjoy a broad range of employee reward services from discount vouchers for supermarkets, to Health and Wellbeing solutions, Reward and Recognition and Salary Sacrifice schemes.
"We know we have a great product and it delivers real benefits to the staff who use it" says Sophie Coope-Moss, HR Generalist, " and it's exciting to think that we'll be living and breathing employee benefits for both our own company and for all of our clients, existing and future. It really does take our own motivation to be the best to the next level!"
