Three sons have become shareholders in their family's manufacturing and recycling business following a corporate reorganisation.
Angus Lee, Alex Lee and Henry Lee have all become shareholders in Vickers-Lee Holdings Limited, which owns both bin bag manufacturer Cromwell Polythene and polythene recycling outfit CPR Manufacturing Limited. The reorganisation, which is part of the firm's succession planning, was led by Blacks Solicitors.
Last year Vickers-Lee, which employs about 60 people, generated turnover of £22.7m and operating profit of £847,893 amid what it said was busy and challenging time. Despite pointing to delays and increased prices within its supply chain the business grew turnover by 6.3%.
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James Lee, managing director at Cromwell Polythene Limited, said: “We are most grateful to Alex, Hayley and the team at Blacks Solicitors for their expert advice and professional support which has enabled us to successfully redistribute our shares through a variety of methods. The team has provided excellent knowledge and support in the succession planning of our family business."
The family-run business supplies a range of products for waste disposal and recyclables and aims to be a sustainable player. Alex Hall, associate legal executive, led the Corporate team at Blacks Solicitors, with support from Hayley Blackburn, legal executive.
Ms Hall added: “We’re delighted to have worked closely with James and Debbie, and to build on our ongoing relationship. Having the opportunity to support a Yorkshire-based family run business is very special. We’re looking forward to seeing how the redistribution of shares shapes the business and its future growth plans.”
The corporate team at Blacks Solicitors was supported by the firm’s own Commercial Property and Wills & Probate teams. Blacks also worked closely with Craig Hughes and Steve Hornshaw of accountancy firm Brown & Butler on the deal.
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