Shaylor owners sold majority stake months before collapse

Grant Prior 5 years ago
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The owners of the collapsed Shaylor Group sold a majority stake in the firm to its staff eight months before the company went into administartion.

Companies House records show 55% of the group’s holding company was purchased by an Employee Ownership Trust (EOT).

EOTs allow owners to sell their shares tax-free while employees get a stake in the company and can also receive tax-free future bonuses.

The deal was financed by the Allied Irish Bank who were due to be paid back from future profits.

The Enquirer understands the deal was worth around £15m.

The bank declined to comment when contacted by the Enquirer.

Staff were told the move was a positive one for them when the deal was struck in October.

One said: “When they did it we were told not to worry it was just part of streamlining the business and changing banks.

“Subsequently the company overdraft was reduced significantly.”

Another said: “The business took out a big loan on this which it obviously can’t pay back now it has gone bust.

“I’m sure the banks will come looking for their money one way or another.”

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