Brabners advises on Lancashire lens manufacturer’s employee ownership transition

We've advised an optical lens and coatings manufacturer — which distributes its products globally — on its transition to employee ownership.

Optimum Coatings, based in Morecambe, manufactures prescription Rx lenses, advanced specialty lenses, free form lenses and provides coating and glazing services for opticians, optical laboratories and hospitals.

The company has been sold by directors Paul Bailey and Mark Marland to its 71 employees through the establishment of an employee ownership trust (EOT).

Members of our corporate team based in Lancashire — including Senior Associate Mairead Platt and Solicitor Danielle Phillips — advised on the establishment of the EOT and assisted with the project management of the transition.

We're continuing to advise the firm on Enterprise Management Incentives (EMI) share options and Mairead has also joined the EOT’s board as an independent adviser.

Mairead said: “Paul and Mark considered several exit routes and decided that transitioning to employee ownership was the best option. 

“EOTs are growing in popularity for businesses of all sizes, both in Lancashire and across the UK. Brabners works closely with the Employee Ownership Trust Association (EOA) as part of our specialist adviser status with the association and businesses are recognising us as real experts in the sector. 

“Employee ownership allows exiting owners to preserve a business’s independence while empowering staff to share in its future success — both key factors in Paul and Mark’s decision. We're looking forward to continuing to advise the EOT board to help ensure the company’s long-term growth under the new ownership structure.”

Paul Bailey and Mark Marland said: “We see this transition as an exciting opportunity for growth and innovation. As an EOT company, we anticipate increased employee engagement and productivity, which translates into better service for our customers.

“It also ensures the stability of the company, protecting the interests of both employees and customers.”

Optimum Coatings was also advised by Beever and Struthers.