Luxury and performance vehicles spare parts supplier Eurospares has transitioned to an employee ownership trust (EOT) as part of its commitment to long-term independence and employee engagement.
Its transition to employee ownership is a significant milestone in Eurospares’ evolution and is part of its desire to preserve its culture and reward the contribution of its workforce.
Law firm Fieldfisher provided comprehensive legal and tax advice throughout the transaction, helping Eurospares to navigate the complexities of the EOT structure and ensuring compliance with all relevant requirements.
Fieldfisher’s team was made up of partners Mark Gearing and Neil Palmer, director Jennifer Martin and associate Francesca Lo from the employee ownership solutions team. They worked with the sellers, James Pumo and Claudio di Paola, to deliver a successful outcome.
The nature of Eurospares’ business and its specialist stock presented challenges for valuation of the business for the EOT transaction. Fieldfisher coordinated with expert valuers to ensure a robust and accurate assessment, while also conducting a detailed analysis to confirm Eurospares’ eligibility for EOT status.
James Pumo, co-founder of Eurospares, said: “Eurospares has always been about passion, precision, and people. Moving to an EOT structure allows us to secure the future of the business while recognising the vital role our employees play in its success. We’re grateful to Fieldfisher for [its] expertise and guidance throughout this process.”
