Leading law firm Freeths has advised Clone Media Technology Limited on its move to become an employee-owned company.
Clone Media, a full-service marketing services agency, was established in 2007 by Simon Drury and Joel Dalton.
The eligible employees of Clone Media will now own the company due to its transition to an Employee Ownership Trust (EOT). This is an indirect form of employee ownership, where the shares are held collectively on behalf of employees via the EOT.
Leading the Freeths team on this transaction was Corporate Partner Malin Svanberg Larsson and Corporate Associate James Allen. They were supported by Tax Managing Associate Alex Angelides.
Commenting on the deal, Malin Svanberg Larsson said: “It was a pleasure to work with Clone Media on this transaction, which demonstrates our strong capabilities when it comes to advising on transitions to EOTs. We look forward to continuing to support Clone Media and we are proud to have played a role in helping facilitate this exciting next chapter.”
Simon Drury, Co-Founder of Clone Media, added: “We are delighted with the service provided by Malin and the team at Freeths and their support throughout this process. It has been a smooth and timely process, and from the outset the Freeths team demonstrated their expertise on EOTs. They guided us through the legals, and their prompt advice gave us confidence and made us feel supported from the moment we first spoke to the team.”
For more information on the recent changes to EOTs and how Freeths can support businesses, see here: Recent changes to EOTs | Tax | Freeths