Our stories
Helping to create one of the UK’s largest employee owned companies
PwC enabled Seetec to empower its people and have a positive long-term commercial and social impact.
Setting the scene
Seetec is a public services organisation that delivers probation services, employability training and apprenticeships. At its core, Seetec shares common values with PwC: to empower people and deliver social value.
Seetec called upon PwC to help it move to an employee ownership model. This meant the company would now be controlled by a trust set up for its employees, who would benefit personally from the success of the business as well as from stronger representation regarding its governance.
How we helped
We drew upon the expertise across our firm to enable Seetec to achieve a positive outcome.
This began with determining the market value of the equity stake being sold, which involved bringing in experts from our valuations team. Members of our tax team were also called upon to undertake a tax valuation exercise as part of the process.
The team working on the transaction carried out in-depth research and analysis to really understand the organisation’s performance and how it operates, including a thorough examination of each of the four trading divisions of the business.
“PwC showed a deep understanding of our business, values and motivation for the transition to employee ownership. The team worked with us in partnership, were responsive to our needs and provided the advice and confidence we need at what was a defining moment in Seetec’s history.”
Making a difference
PwC supported the sale of a 51% stake in the company to an employee trust, which will run for the sole benefit of its 2,500 employees. This led to Seetec becoming the ninth largest employee owned company in the UK.
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