Berry Smith Lawyers is pleased to have advised on the successful transition of Edenstone, one of Wales’ leading independent housebuilder, to employee ownership through an Employee Ownership Trust (EOT).
Founded by Jeff and Martin Taylor in 2003, Edenstone has grown into an established housebuilding business, employing approximately 100 people and delivering between 300 and 400 new homes each year across South Wales and the South West of England.
The transaction sees the Employee Ownership Trust acquire 100% of the shares in the Edenstone Group for the benefit of its employees.
The move represents an important milestone in the company’s development, providing a structure designed to preserve its existing culture and values, recognise the contribution of its employees and support its long-term future while protecting its impressive legacy.
Going forward, the business will now be known as Edenstone Partnership, reflecting a shared commitment to building on its strong foundations, preserving the values that have shaped its success and creating an exciting and sustainable future for the business and its people.
Berry Smith’s Role
The Berry Smith team provided legal advice on the relevant structure of the EOT and the preparation, negotiation and execution of the transaction documents.
The Berry Smith team was led by Andrew Bound and Mollie Eatwell.
They worked closely with the shareholders and directors of Edenstone, the members of the Trustee Board which will administer the Trust and the other professional advisers engaged in the project.
Andrew Bound commented:
“The transaction provides a positive legacy for Edenstone, recognising the contribution of its people and giving them a meaningful stake in its continued success. It has been a pleasure to work alongside the team at Edenstone to help bring this important milestone to fruition.”
Mollie Eatwell added:
“We are delighted to have supported the team at Edenstone with the sale to an EOT. The move to employee ownership is a fitting reflection of the business’s values and its commitment to its people, providing a strong foundation for the next chapter of its journey. We wish the team every success for the future.”
Edenstone’s EOT project was led and managed by Hafren Consulting LLP. Randall Edwards, senior partner at Hafren, led the purchase on behalf of the Trust, with his involvement with Edenstone continuing as a member of the trustee board.
Further Comments
Stuart Rodden, Finance Director of Edenstone, commented:
“Berry Smith guided us through our Employee Ownership Trust transaction with real skill and efficiency. Their team brought deep knowledge of EOT structures, explained the issues clearly and were easy to work with throughout. Most importantly, they delivered the deal to a tight timescale without ever compromising on quality. We would have no hesitation in recommending them.”
Randall Edwards, Hafren Consulting, noted:
“Edenstone Partnership is exactly the kind of business employee ownership was designed for. It is founder-led, driven by its values and built by a loyal team over more than two decades. Its owners could have sold to a trade buyer. Instead they chose to hand the future to the people who built it, and that deserves real recognition.
A housebuilder EOT is not a straightforward transaction. Funders, security arrangements and tax clearances all have to land at the same moment, and Berry Smith handled every moving part with real skill and a cool head. I have worked with Andrew Bound and Mollie Eatwell on more than 25 deals over the last couple of years, and Edenstone showed exactly why I keep coming back. They are commercially minded, technically excellent and completely committed to getting the deal over the line.”
About Berry Smith Lawyers
Berry Smith is a leading law firm based in Cardiff, providing a wide range of legal services to businesses and individuals. Its corporate finance team advises on a range of corporate transactions, including mergers and acquisitions, company restructures, business sales and Employee Ownership Trusts, helping clients achieve their commercial objectives through practical and commercially focused legal advice.
If you would like advice on any of the above, please get in touch with our Corporate team to discuss how we can help – corporate@berrysmith.com