During the year the whole of the company’s issued share capital was acquired by the Lodge EOT Limited , an employee ownership trust constituted for the benefit of all employees of the company. This transaction was completed largely on a deferred basis and as a consequence the vendor shareholders will, for the foreseeable future , remain in office as full time executive directors , during which time they plan to further invest in , develop and expand the next generation employee and management team , to underpin the long term future of all stakeholders of the business.
This strategy reflects the company’s consistent and ongoing commitment to its longstanding and loyal workforce, whom they wish to continue to reward and motivate , thereby maintaining the existing high levels of employee engagement and focus on the business.
The funding for the transactions was partially achieved through an initial contribution by the company. The balance of the consideration was funded by the previous owners of the business, The loans due to previous ownerd are an obligation of the Trust and so the liability for any future payments has not been recognised by the company,
During the year, the company made contributions totalling £2,798,984 to the Trust.