A Dukinfield-based uniform manufacturer which was established in a spare room 45 years ago has now become owned by its employees.
Tibard Group designs and manufactures uniforms for staff working in sectors from hospitality and leisure to facilities management and healthcare.
It was set up by John and Sue Shonfeld in their home in 1979 and now has 70 staff. However, the Shonfeld family and Tibard’s senior management 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 business, which has a £10 million turnover.
Business advisory firm HURST acted for the shareholders on the transfer to employee ownership. The advisers who worked on the deal included Ben Bradley at HURST Corporate Finance and Liz Gallagher, Sarah Haley and Jennifer Escott in the tax team.
Meanwhile, Mark Heppell at JMW Solicitors provided legal advice, while Paul Johnson and Hollie Walsh at law firm Ward Hadaway advised the employee ownership trust.
Financial terms of the transaction have not been disclosed.
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.