Our transaction team support Manchester recruitment firm in their EOTMarch 14th 2023
Our corporate finance and tax teams have advised on a deal which has seen a Manchester-based recruitment company become employee-owned.
We Are Adam, which was founded in 2006 and counts some of the UK’s most recognised businesses as clients, has made the move to employee ownership as part of its strategy to achieve continued success and long-term growth.
The firm, which specialises in HR, executive and digital recruitment and has 17 staff, is now owned by an employee ownership trust (EOT). The existing management team, led by CEO Richard Gahagan, are all continuing in their roles.
Our teams advised the shareholders of We Are Adam on the setting up of the EOT, providing financial and taxation structuring advice.
Richard Gahagan, CEO of We Are Adam and a trustee of the new We Are Adam EOT, said:
“This is a hugely positive and exciting move that will enable our people to enjoy a greater share in the financial success of the business.
“We have a great team here and firmly believe that transitioning ownership of the company to our employees is the best way for us to retain our people and culture. We hope it will appeal to our clients too by demonstrating our commitment to being a responsible, sustainable and purposeful business with a view on the long term.”
Hasan Hashmi, tax director, said:
“We’re delighted to have supported the team at We Are Adam on their journey to employee ownership. It’s a move that will have great long-term benefits by aligning everyone behind a shared purpose to achieve success.”
We Are Adam was founded by Richard Gahagan and Leon Milns in 2006, with the expanded leadership of Peter Baker and Vanessa Jackson driving growth in senior HR and digital recruitment. The business now advises a wide range of businesses on their recruitment and retention strategies across the UK and Western Europe.
Our corporate finance advisory team was led by partner Andrew Feeke and associate director Rob Holgate. The tax team was led by Colin Abrahams, Hasan Hashmi and Saira Ahmad. Mike Blood and Rebecca Beech at JMW Solicitors provided legal advice.