Owners of Liverpool freight forwarder Warrant Group sell 90% of their shares in the £82m turnover business to their employees. Tony McDonough reports
Liverpool freight forwarder Warrant Group has become one one of largest employee-owned companies in the UK.
Owners of the business, Ian Jones and Lynsey Morrison, have sold 90% of their shares to an Employee Ownership Trust (EOT), allowing them to step back from the business over time.
Warrant designs multi-modal logistics and delivers exact fit requirements to its customers on a global scale. In its most recent accounts in the year to January 31, 2022, the firm reported turnover of £82.7m and a pre-tax profit of £12.9m.
Ian Jones has now stepped down as managing director and taken a non-executive role on the board. Lynsey Morrison has stepped down from her role as finance director and taken up a new role as chairman of the board.
Andy Simpson is the new managing director of Warrant Group and John Healy has taken over as finance director. The trust was formed with the goal of sustaining Warrant Group’s independence and to secure the long-term future of the business.
Ian Jones said: “As owners of Warrant Group, Lynsey and I felt that an EOT fitted perfectly with our company ethos to secure the long-term future of the business. This will ensure that our core values, culture, and legacy will continue for many years to come.”
READ MORE: Mersey boat builder secures German naval contract
READ MORE: Steel firm to double capacity and targets £10m sales
Accountants from DSG and lawyers from Glenville Walker advised on the deal.
Mark Kearsley, tax partner at DSG, said “The sale to an EOT is a perfect fit for the Warrant Group, ensuring the long-term future of the business and building on the success which has been created by its employees.”
And Denise Walker, group managing partner at Glenville Walker, also said: “The move sets the company up for success, incentivising its employees, encouraging talent recruitment and retention, and bringing a competitive element to the market.”
New managing director Andy Simpson added: “This is an incredibly exciting time for Warrant, and I am proud to be leading the business into an ambitious new era to drive fresh growth.”