Sussex’s HIT Training moves to employee ownership
Shoreham by Sea-based apprenticeships and vocational training provider HIT training has transitioned to employee ownership, with advice from Horsham’s PDT Solicitors.
The newly-created Employee Ownership Trust will benefit employees across the company’s three divisions: HIT Training, Connect2Care and the Executive Development Network.
Shares will be owned on a trust with the company’s employees as beneficiaries which will mean each tax year they can receive up to £3,600 of profit share as a tax-free bonus. All employees will receive this equally, with part-time staff receiving the benefit on a pro-rata basis.
The news of the EOT comes with the announcement that John Hyde CBE is stepping down from his role as Executive Chairman of HIT Training Ltd after 40 years’ spent in work-based learning.
He said: “As I wind down my involvement with HIT Training Ltd, I’m incredibly proud to see the company it has grown to become. It is so gratifying to think of the many people we have supported with education, helping to further careers and upskill businesses with talented employees – in the hospitality industry and beyond.
“It is fantastic that the Employee Ownership Trust will see all our hard-working employees benefit from this company’s success for years to come, a lasting legacy I am honoured to leave.”
The PDT Solicitors team working on the transaction was led by Partner Noel Ruddy, with support from Rebecca Glazebrook (Partner), Sian Webber (Senior Associate), Emily Parry (Trainee Solicitor) and Edward Clark (Paralegal).
Tax and specialist support on EOT structures was provided by Grant Thornton.
Noel said: “John Hyde and Jill Whittaker, respectively the proud holders of a CBE and OBE for services to education and training, have always believed that the success of HIT Training was down to their people and culture.
“The transfer of a controlling interest to the HIT Training Employee Ownership Trust is, therefore, a natural one which will ensure their culture of collaboration and inclusivity continues to benefit the employees who have made HIT Training the hugely successful business it is today.”
Jill Whittaker, Managing Director, HIT Training Limited said: "This was a challenging journey for us and needed steady hands. Noel has been a sounding board for many years and originally suggested the EOT to us.
“Noel and his team expertly guided us through the company law aspects of the transition to an EOT and I would recommend PDT to any business wanting advice on how EOTs can be used. Thank you to the team for all your hard work and support."
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