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Dains Corporate Finance has advised Greenhatch Group on securing funding from Virgin Money to support the acquisition of the Group by an Employee Ownership Trust.
Greenhatch is a firm of chartered surveyors who focus on the provision of geospatial surveys and site engineering services. The Group employs over 150 staff situated in various regional offices which cover the length and breadth of the UK as well as across Europe and the Middle East. Operating for over 35 years, the Group has a strong market position and is considered one of the principal pioneers and market leaders within the surveying sector.
Recognising the critical role Greenhatch’s staff have made in the Group’s success, several years ago the Group’s owners Robert Page, Andrew Dodson and Neil Jefferies made the decision to support the employees and protect the future of the business through a disposal of their shares to an Employee Ownership Trust (“EOT”).
The sale to the EOT was completed in October 2024 with the Group being advised by Adam Longmore and Lisa Richards from Dains. The funding from Virgin Money, which consists of a term loan and invoice discounting facility, will be used to refinance an element of the debt arising on the acquisition.
The fund-raising process was led by Tom Pollard from Dains alongside Roy Farmer and Lisa Richards. David Kaplan of Rothera Bray provided legal advice to the EOT, James Dyson of Freeths provided legal advice to Virgin Money and Martyn Brierley of Flint Bishop advised the vendors. Financial due diligence was provided by Paul Tallon and Olivia Dowdeswell of Cooper Parry.
Tom Pollard from Dains commented: “The sale of Greenhatch Group to an EOT is a great example of how an EOT should be structured and executed. Robert, Andrew and Neil chose to pursue a sale to an EOT as they recognised the importance of their staff to the success of the Group. Over the last few years, they have invested heavily in the Group and trained the management team to ensure a smooth transition and to maximise the Group’s future potential. There was a high level of interest from funders wishing to finance the deal which is a testament of the strength of the Group and the well-planned transition to an EOT ownership model. Virgin Money is an ideal lender for this transaction. David Burgess at Virgin Money understood the dynamics of the Group and its needs and was able to tailor the funding offer accordingly. We wish the Group the best for the future”.
David Burgess from Virgin Money commented: “We are delighted to support Greenhatch Group in their transition to an Employee Ownership Trust. A sale to an EOT isn’t right for every business and we were impressed with the planning undertaken by the management in deciding that EOT was the correct vehicle for the succession of the company. The new management team have the skills and experience to continue the company’s growth and will bring a renewed enthusiasm to the business. At Virgin Money, we like to support dynamic, growing businesses and we are committed to providing bespoke tailored financial solutions. It was a great experience working with everyone on this transaction”.
Robert Page from Greenhatch commented, “The transition from share ownership to EOT was originally discussed in a meeting with the Greenhatch Shareholders and Dains in 2022.
Following these discussions, we (Robert, Neil, and Andrew) felt that this was the perfect solution for the management team and employees. It will ensure the growth of the business and encourage our central ethos of "promote from within." All employees of Greenhatch now have defined pathways to senior positions in the business, which should aid staff retention and be a positive for recruitment.
This transition ensures that the former shareholders have a structured exit strategy while the new management team takes over an established business. Their new ideas and fresh approach will ensure that Greenhatch remains an industry leader, and they will look to advance in other areas within the geospatial world.
We are really excited about our partnership with Dains and now Virgin Money and are pleased to have such strong working relationships.
All the consultants involved in the transition were very knowledgeable, and we are extremely grateful to them for their guidance and advice throughout.
Special thanks must go to Adam Longmore, Tom Pollard, Lisa Richards David Burgess, Nick Winrow, David Kaplan, and Martyn Brierley for their hard work over the last few weeks of the deal. Their combined efforts and commitment ensured we met the deadline date of 30 March 2025, and let’s see what happens in the next 35 years!”
The management team added, “The key focus for the new management team was to ensure the strong foundations of the business which have been established over the last 35 years are not only maintained but grown. Dains and Virgin Money have worked diligently with Greenhatch to ensure continued success and long-term growth of the company, while also ensuring that the employees who have helped shape Greenhatch’s success will benefit directly from the business’s ongoing prosperity. The support and experience from all parties involved will mean that Greenhatch’s position within the industry will be strengthened as the business will continue to innovate and stay at the forefront of any technological advances. Thank you to all involved”.