Moore Kingston Smith advises DBD Distribution on Employee Ownership Trust (EOT) transition
DBD Distribution Limited, a leading UK contract appliance and kitchen solutions distributor, has transitioned into Employee Ownership with the help of Moore Kingston Smith, a multi-disciplinary advisory, tax and audit firm.
The firm, established in Hemel Hempstead, Hertfordshire, in 1988, has been a key player in the wholesale white goods sector for decades, providing installation services to the construction industry. With a strong family-oriented culture and a history of generational leadership, DBD sought a succession strategy that would preserve its people-first culture and values while enabling a smooth transition to new ownership.
With headquarters and central warehouse in Hemel Hempstead, the firm also has a regional distribution centre in Somerset and five regional depots across England and Wales.
The project
DBD has entrusted Moore Kingston Smith as a key adviser since 2008, receiving audit, corporation tax, assistance with a previous Management Buy Out (MBO), and other advisory services.
DBD approached Moore Kingston Smith with clear objectives. The business required a solution that would facilitate a shareholder exit while retaining the company’s unique people-first culture, empowering the next generation of leadership and incentivising key management to ensure long-term success and continuation of the business.
The delivery
Moore Kingston Smith provided comprehensive support throughout the internal sale to the EOT, including consultancy, tax planning, valuation and legal coordination services, as well as post-deal support.
This transaction marked the third iteration of family leadership, with Sam Firth-Bernard stepping back from the day to day running of the business and his brother, Alex Firth-Bernard, stepping up as Managing Director.
The business ownership has been successfully transferred to the employees, reinforcing their value and recognising their vital importance within the business. As proof of the business commitment with its team, an Enterprise Management Incentives Scheme (EMI) has been introduced post-completion to retain and motivate key personnel.
This transition enabled the shareholders to exit on favourable terms while safeguarding the company’s legacy and culture. The move to employee ownership has positioned DBD Distribution Limited for sustainable, inclusive growth, anchored by a valued, committed and empowered workforce.
Sam Firth-Bernard, Chairman of the DBD Group, commented: “This marks a significant milestone in DBD’s history. We are not merely passing the baton to the next generation of leadership; more importantly, we are embedding our people-first values and culture through the establishment of this Employee Ownership Trust (EOT). It is the dedication and commitment of our team that truly sets us apart in the industry, and we are proud to acknowledge this by transferring ownership of the business to them.”
“Moore Kingston Smith has played a pivotal role in facilitating this transition. While they have long served as our financial advisers, their support throughout the EOT process has been exceptional. Their expertise and exceptional guidance have been instrumental in ensuring a smooth and successful transaction.”
Andrew Williamson, Corporate Finance Partner at Moore Kingston Smith, added: “It is always a pleasure to work with Sam, Alex, and their team. Since the company’s inception, its commitment to employees, customers and suppliers has been evident. Witnessing them uphold these values while adopting employee ownership and maintaining family leadership is truly inspiring. We wish them every success as they embark on this exciting new chapter.”
Get in touch
Please get in touch with our team if you would like an initial discussion to explore whether an EOT might be right for you.
