UK-based technology consultancy firm Griffiths Waite has been acquired by an Employee Ownership Trust (EOT) in a deal led by PKF Smith Cooper’s transaction tax team. Co-founded in 1994 by Mark Waite, the business initially provided bespoke IT applications to corporate clients in the UK. In recent years, its service offerings diversified, leading it to become a digital product development company. The EOT initiative aims to promote employee ownership, giving employees a meaningful indirect stake in the business and a say in its operations. The deal takes the company forward into a new era, according to Waite.
The transaction was advised on by several professionals, including Adam Rollason of PKF Smith Cooper, who provided tax structuring advice. The other advisors involved were Caroline Dodds of the CFO Centre, who gave strategic financial advice, and Legal Clarity, whose Jane Jevon headed the team providing buy-side legal advice to the EOT trustees.