A company which designs and manufactures uniforms for staff working in sectors from hospitality and leisure to healthcare and facilities management has become employee-owned.
Tibard Group, which was set up in 1979 by John and Sue Shonfeld in a spare room at their home, has 70 staff and is based in Dukinfield, Tameside, Greater Manchester.
The Shonfeld family and Tibard’s senior management team have sold their shares to the newly-created Tibard EOT Ltd.
Managing director Ian Mitchell, finance director Denise Shacklady and operations director Andy Shackleton continue to lead the £10m-turnover business.
A team at business advisory firm HURST acted for the shareholders on the transfer to employee ownership. Mark Heppell at JMW Solicitors provided legal advice. Paul Johnson and Hollie Walsh at law firm Ward Hadaway advised the employee ownership trust.
Financial terms of the transaction are undisclosed.
Tibard designs and manufactures uniforms for clients across the UK, Ireland and Europe, including hotels, restaurants, contract caterers, healthcare organisations, facilities management companies and retailers.
It also distributes the premium chefs’ wear brand Oliver Harvey, formerly a sister company, which is now part of the EOT.
John Shonfeld, who was Tibard’s chairman, remains involved in the business as a trustee on the board of the EOT.
Dave Wilson, an experienced business adviser who is on the board of numerous employee ownership trusts, has joined the Tibard EOT board as an independent trustee.
Ian Mitchell said: “We had several approaches and offers from trade and private equity buyers but, having looked at the various options, we felt that employee ownership would be best for the business and offer the brightest future for our team. These were key considerations for all of the shareholders as succession planning was being discussed.
“The transaction provides our staff with better security and prospects, maintains our independence and enables us to retain our culture, brings stability and builds a clear, shared purpose and collaborative way of working.”
The move to employee ownership follows a deal in the summer which saw Tibard’s laundry rental division sold to a national laundry group for an undisclosed sum.
Ian added: “Once the sale of our laundry rental business was completed, it was full steam ahead to achieve a successful transition to an EOT.
“We are now fully geared up to focus on our direct sale operations and are looking at some significant projects for the coming months.
“We’ve also recently strengthened our business development team, so we are in a good position to capitalise on the vast opportunities out there. It’s a very exciting time for the company, and the transition to an EOT has been well-received by staff.”
Ian paid tribute to John Shonfeld and his family, saying: “To operate a business with longevity is no mean feat, so for John and Sue along with their sons Rick and Matt to have done so for 45 years is a fantastic achievement.
“We’re eternally grateful for their outstanding devotion and contribution to the business, which has in turn impacted so many lives, and we now look forward to the exciting future ahead of us as an employee-owned business and the next chapter in Tibard’s journey.
“It’s great that John is still involved as a trustee, and we wish him and all the family members the very best for the future.”
John Shonfeld said: “The senior management at Tibard Group decided that the time had arrived to change direction, and the opportunity to hand control to the staff through an employee ownership trust was the optimal solution, allowing the continuity of the business at the same site and recognising the work and of long service of existing members of staff and management.”
The HURST advisers who worked on the EOT deal included Ben Bradley at HURST Corporate Finance and Liz Gallagher, Sarah Haley and Jennifer Escott in the tax team.
Ben said: “It was a great pleasure working with the shareholders and management at Tibard over the last 12 months.
“Selling the business to an EOT has enabled John Shonfeld and his family to exit while allowing the existing management to continue running the direct sale business from the Dukinfield HQ, following the disposal of the rental division earlier in the year.
“I extend my best wishes to John and his family in all their future endeavours. Additionally, I wish Ian, Denise, Andy and the entire Tibard team continued success in the years ahead.”
