Ice Roofing & Cladding Ltd (IRAC), a leading specialist roofing contractor, are pleased to announce that they have transferred ownership of the business to their employees by way of an Employee Ownership Trust (EOT), with Avondale leading the process at every step.
Established in 2010, IRAC is a highly accredited quality provider to the specialist roofing and cladding sector. Today most of the work is flat roofing, working on large local authority contracts with councils, education authorities and hospitals.
The business has always had a strong people and team ethos and when the shareholders were looking for an exit solution, rewarding their skilled and loyal team of 17 was of paramount importance. The shareholders achieved an exit value in excess of the initial estimation, whilst securing the future succession of the business in the hands of their team. Dominic Henson takes on the role of Managing Director with Gareth Davies’ becoming Chairman.
“We were exploring a Management Buy Out or possibly even a trade sale, but then Avondale explained about Employee Ownership. It resonated straight away as we have a highly skilled and loyal team whom this would reward.
The Avondale team led the whole process from legal, financial and strategy. They structured the finance to ensure we secured an exit at full commercial value with 0% tax on the sale. As an employee-owned business we believe we can contribute more – and our clients seem to really like it to.”
Gareth Davies, Chairman of Ice Roofing & Cladding