Abbeydale Brewery becomes 100% Employee-Owned
Sheffield-based Abbeydale Brewery Ltd has announced that it has become an Employee Ownership Trust, strengthening the commitment to its talented team, safeguarding its longstanding values and securing the legacy of the business.
Since its foundation in 1996, Abbeydale Brewery has always utilised a people-focused ethos, growing organically over the past three decades and being open to learning from the team. The business, which employs over 50 staff (split between the brewery itself and their pub, The Rising Sun in Fulwood), has always been firmly rooted within the community. It benefits from an engaged and committed workforce, all of whom reside within the local area.
Both the brewery and pub are now 100% employee-owned, with a company name (chosen by the new employee owners) of Sheffield Beerworks EOT Ltd. The new Board of Trustees will be comprised of Jon Conroy who will be the independent chair, Pat Morton (selling shareholder), Dan Baxter (Co-Managing Director), and two employee representatives - Finlay MacDonald who is a bartender at the Rising Sun and brewer Christie McIntosh representing the manufacturing side of the business.
Brewery founders, Pat and Sue Morton, will continue to be involved with Abbeydale Brewery – whilst they will step back from the day-to-day running of the business, their positions on the Board of Directors will remain, and they will continue to play an advisory role in the management of the business.
Dan Baxter said: “I could not be prouder of our team and everything we have achieved together over the years. We are a humble bunch, mentored by Pat and Sue, and a have a vast skill set amongst our staff at both the brewery and the Rising Sun. The future for the business is very exciting! The support of our customers and our community is paramount as it always has been. So a massive thank you for enjoying our beer. We will continue to do what we do best”.
Shorts acted as lead advisors on the transaction, including valuation, fundraising, tax advice and project management, with legal advice provided by James Burdekin of MD Law.
Sue Morton, one of the selling shareholders of Abbeydale Brewery, said: “Working on this transaction with our accountants Shorts was an obvious choice. They already know our business well and the Corporate Finance team have experience in EOTs. Connor Marshall who led on this for the Corporate Finance Team has also been able to pull in advisors from other teams as needed. Shorts also introduced us to James Burdekin of MD Law in Sheffield who has done all the legal work on the transaction. Both James and Connor have been great throughout, responding quickly and providing support and guidance every step of the way.”
Connor Marshall of Shorts added: “It has been great to work alongside MD Law in transitioning such a well-known, acclaimed business into becoming an Employee-Owned Business. From the start the Shareholders and Senior Management Team wanted to do what was best for the employees and, with the implementation of the EOT, this solidifies the prospects of both the business and employees for the longer term. We all look forward to seeing the continued success of such a prominent Sheffield business.”
James Burdekin of MD Law commented: “It was a pleasure to work alongside the team at Shorts in implementing the transition of Abbeydale Brewery to employee ownership. We have no doubt that employee ownership will be a perfect fit for the iconic business which has established itself as a cornerstone of the thriving Sheffield beer community and we wish all those involved continued success in the next stages of their journey.”
Employee ownership will ensure that the Sheffield-based business can continue to drive forwards with the values of independence, community and teamwork which it holds as key - overall retaining, building upon, and further developing the principles the business has held for 28 years.
A limited-edition beer will be released to commemorate the occasion. With a recipe that was democratically chosen by the team, “Trust” will be a sessionable pale ale, intended to capture the essence of the beers that have enabled the business to reach this milestone. It will be available in cask, keg and can, and will launch at the Rising Sun on Monday 14th October, as well as the Steel City Beer Festival at Kelham Island Museum from Wednesday 16th October
