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Home » Business News

Midlands firms advise on Alcester software firm’s employee buy-out deal…

Submitted by on December 9, 2019 – 7:00 am |


Front row is Edward Powell, Jay Boyce, Clare Lang, Brian Moran and Toby Stephenson.A Midlands law firm and a national accountancy practice have played lead roles
advising over the employee buy-out of award-winning Alcester software company,
Vectric Ltd.

Corporate partner Clare Lang and trusts expert Gary Priest from mfg Solicitors
advised founder Brian Moran and the firm’s executive board on the deal, which has
seen the company’s 24 employees take a controlling stake in the business through
an employee ownership trust.

Chartered accountants and tax advisors, Toby Stephenson and Jay Boyce from MHA
MacIntyre Hudson structured the deal, providing tax and accountancy advice and
working closely with the mfg team.

The CNC software firm, which has previously received two Queens Awards for
Enterprise and International Trade, is a specialist in creating software for CNC
routing, milling and engraving. Their specially-developed software helps clients to
quickly create precise toolpaths and designs.

Founded in 2005 by Mr Moran, the company will continue to be headed up by
managing director Edward Powell with Mr Moran stepping back from day-to-day
control.

Mr Moran said; “Vectric continues to go from strength-to-strength and while I
considered many exit options none of them protected the ethos of the company, the
expertise of our staff, or the potential for software development like employee
ownership did.

“The team have fully embraced the concept of employee ownership, and are
delighted that Vectric’s legacy will be protected. They will also have the chance to
contribute to, and benefit from, future successes.

“They have already become more engaged in the business, realising that what each
of them does will affect the future performance of the business, which is directly
linked to their own success.”

Clare Lang added; “Vectric is one of the region’s most innovative and respected firms
so we were delighted to play such a central role in the deal. Brian has built a hugely
talented workforce and the business is set to go from strength-to-strength.”

Toby Stephenson added; “This was an excellent deal to have led and gave us the
opportunity to showcase our expertise in a very specialised and complex area.
Vectric has a strong platform for growth and is in great hands with its employees
moving into the future.”

For further information on corporate matters readers can contact mfg’s Clare Lang
through clare.lang@mfgsolicitors.com


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