Employees buy-out Warwickshire specialist CNC software firm Vectric

Alcester based software firm Vectric Ltd has been subject to an employee buy-out.

The firm has received two Queens Awards for Enterprise and International Trade, and is a specialist in creating software for CNC (Computer Numerical Control) routing, milling and engraving. Its specially-developed software helps clients to quickly create precise toolpaths and designs.

Founded in 2005 by Brian Moran, the company will continue to be managed by MD Edward Powell with Moran stepping back from day-to-day control.

Corporate partner Clare Lang and trusts expert Gary Priest from mfg Solicitors advised Moran and the firm’s executive board on the deal, which has seen the company’s 24 employees take a controlling stake in the business through an employee ownership trust.

Moran said: “Vectric continues to go from strength-to-strength and while I considered many exit options none of them protected the ethos of the company, the expertise of our staff, or the potential for software development like employee ownership did.

“The team have fully embraced the concept of employee ownership, and are delighted that Vectric’s legacy will be protected. They will also have the chance to contribute to and benefit from, future successes.

“They have already become more engaged in the business, realising that what each of them does will affect the future performance of the business, which is directly linked to their own success.”

Chartered accountants and tax advisors, Toby Stephenson and Jay Boyce from MHA MacIntyre Hudson structured the deal, providing tax and accountancy advice and working closely with the mfg team.

Lang said: “Vectric is one of the region’s most innovative and respected firms so we were delighted to play such a central role in the deal. Brian has built a hugely talented workforce and the business is set to go from strength-to-strength.”

Stephenson added: “This was an excellent deal to have led and gave us the opportunity to showcase our expertise in a very specialised and complex area. Vectric has a strong platform for growth and is in great hands with its employees moving into the future.”