Simon Morray-Jones Architects, a Bath-based firm that has worked on a number of iconic hotel projects, has been sold to an employee ownership trust.
The practice, which was established over 30 years ago by Simon Morray-Jones, is known for its work with the likes of Soho House Group, Andrew Brownsword Hotels and the Newt in Somerset.
With a team of 20, Morray-Jones had recently began to explore options for stepping back from the business and the idea of a sale to an employee ownership trust was discussed with Castle Corporate Finance. An EOT is a sale framework that is gaining popularity with businesses who would rather not sell to another firm in their industry.
Victoria Ansell, director at Castle Corporate Finance, said: “We are seeing many business owners look at the option of an EOT, some of whom look at 0 per cent tax as being the main driver, but it really doesn’t work that way.
“Simon and Berni embraced this framework as being the right thing for their team, as well as for them, and that gives me a lot of confidence that the business will go from strength to strength.”