HURST tax duo advise TNEI on transition to employee ownership

Manchester-based renewable energy consultancy TNEI has joined a growing list of prosperous north west companies which have chosen to work with HURST on their journey to employee ownership.

Liz Gallagher, head of tax at HURST, and colleague Jack Moore advised the shareholder and directors of TNEI on the creation of an Employee Ownership Trust.

Richard Almond and Jade Burgess of law firm Almond + Co provided legal advice.

The transaction was backed by a significant funding package from HSBC UK.

TNEI has transferred 100 per cent of its shares to an EOT on behalf of all the employees currently in the business and for the benefit of any future colleagues.

TNEI, which is led by chief executive Nigel Tate, is an independent specialist energy consultancy providing technical, strategic, environmental and consenting advice to organisations operating within the conventional and renewable energy sectors. The business has offices in Newcastle, Glasgow, Cape Town and Dublin in addition to its Manchester headquarters.

Liz said: “We are very pleased to have assisted Nigel in making the transition to employee ownership. Nigel has been with the business for many years, through various changes in ownership, and is confident that employee ownership is a great fit for TNEI and its talented staff.

“It is Nigel’s intention to stay with the business for the next few years, whilst he hands over to the next generation of management and beds in the employee ownership ethos.”

Nigel said: “The last two years have seen our business grow significantly on an international scale, this has come alongside a shift for our staff to hybrid working across multiple offices.

“Completing this transfer of ownership, with the support of HSBC UK, is an important step for the business. Our employees are at the heart of our success and their talent is a significant differentiating factor for our customers. I look forward to driving continued growth into the future.”

Hoan Tu, Business Banking Relationship Manager at HSBC UK, added: “TNEI is proven in its field and is now recognised by clients varying in size from large multi-nationals to smaller innovative independents.

“Supporting the business with this transfer of ownership will see TNEI retain its industry leading expertise for many years to come, as it continues to make great strides in decarbonising business operations around the world.”