Buckingham Group - Notice of Intention to Appoint Administrators
Posted: August 17th, 2023, 3:05 pm
Buckingham Group halts trading after search for saviour fails
Buckingham, the 30th biggest contractor in the UK according to the CN100 2022, became an employee-owned trust (EOT) in 2021. It is the largest contractor to go through the process of being sold to staff in recent years.
Shareholders who sell to an EOT pay no capital gains tax on the proceeds. Trusts hold shares on behalf of the employees and pay them income tax-free bonuses out of surplus profit.
DRS Bond Management managing director Chris Davies said: “In principle, EOTs and construction are not natural bedfellows.
A notice of intention to appoint administrators gives a company 10 days’ protection from action by creditors.
AiY(D)
Buckingham, the 30th biggest contractor in the UK according to the CN100 2022, became an employee-owned trust (EOT) in 2021. It is the largest contractor to go through the process of being sold to staff in recent years.
Shareholders who sell to an EOT pay no capital gains tax on the proceeds. Trusts hold shares on behalf of the employees and pay them income tax-free bonuses out of surplus profit.
DRS Bond Management managing director Chris Davies said: “In principle, EOTs and construction are not natural bedfellows.
A notice of intention to appoint administrators gives a company 10 days’ protection from action by creditors.
AiY(D)