Bilal Piperdy, accounts director
PREPARATION MATTERS FOR
Mike Aramayo
on lower mid market businesses across the UK regions. It has £261m of funds under management.
It backed the management buyout in 2013, investing £7m into the deal after the company was put up for sale by its former owners Wade Upholstery, based in the east midlands.
Historically, PE firms have targeted a standard window of three to five years, and while the holding period is on the increase, 13 years is at the high end of involvement.
Alex says: “Buoyant is a great example of the type of business we are proud to support – a well-established company with a highly skilled workforce and an exceptional management team.
“We are delighted to have worked alongside Mike and Joel, true industry leaders, to have delivered another successful outcome for our investors.”
Expert View
PRE-EMPTING ISSUES WITH EMI OPTIONS
By David Filmer, Partner and head of corporate, Forbes
When shareholders are preparing to sell a business, key management may be incentivised to maximise the value by granting enterprise management incentive (EMI) options which become exercisable on exit.
EMI options are a common and tax efficient way to incentivise employees by allowing them to benefit from growth in the company’s value. However, the practical implications of exercising those options are often overlooked until the sale process is under way.
EMI options are commonly exercised immediately before completion, allowing the employee to become a shareholder and participate in the sale proceeds.
This means the option holder may need to become a party to the share purchase agreement. Depending on the terms, they may also be asked to give warranties,
enter into restrictive covenants or accept other seller obligations.
Their participation may also dilute the proceeds available to existing shareholders, particularly where the company has a complex capital structure or private equity backing.
A buyer will usually carry out due diligence on the validity and tax treatment of EMI options. Issues can arise if the scheme was poorly implemented, records are incomplete, annual HMRC filings were missed, or a disqualifying event has occurred.
For example, the option may cease to qualify under the EMI scheme if there has been a change of control or if the employee no longer meets the statutory working time requirements.
EMI options should therefore be reviewed well in advance of a sale to identify and resolve issues before they affect the transaction.
LANCASHIREBUSINES SV
IEW.CO.UK Alex Wilson
Alex, who says the exit outcome ‘was a good return for us’, adds: “We have built up a long term relationship over those 13 years and have been on a steady growth journey.”
He is full of praise for the management team and the way it has navigated the business through difficult times in the sector. He says: “Buoyant is heavily focused on customer service and has built an excellent reputation in that, in a market that has proved challenging. It is an approach that has worked.”
Alex adds that the new owners saw an opportunity to grow their customer base through the acquisition of ‘a great British manufacturer’.
The final word goes to Mike. Announcing the deal he declared: “From a personal point of view, I am now into my 26th year as a Buoyant Upholstery employee, and I feel as hungry today as the lad who started 26 years ago.”
MTD CHANGES Making Tax Digital (MTD) for Income Tax is one of the biggest changes to self assessment in decades.
The first phase began in April 2026 for sole traders and landlords with qualifying income over £50,000. From April 2027, the threshold falls to £30,000, before reducing again to £20,000 from April 2028.
The clearest lesson so far is simple: preparation matters. Those already using suitable software and keeping digital records have generally found the transition easier.
MTD should not be viewed purely as a compliance exercise. Keeping records up to date throughout the year gives better visibility over income, expenses and potential tax liabilities.
It can also make conversations with your accountant more useful, allowing issues to be identified earlier rather than after the year has ended.
From 6 April 2027, MTD will apply to sole traders and landlords with qualifying income over £30,000. Importantly, this is based on gross income before expenses, not taxable profit.
Taxpayers will need to maintain digital records using compatible software and send quarterly updates to HMRC, followed by their annual tax return through MTD compatible software.
At Pierce, we work extensively with Xero, which can make digital record keeping simpler through features such as bank feeds and automated bookkeeping.
For those joining MTD next April, now is the time to prepare. Moving onto suitable software and developing good digital habits gradually will make the transition far easier and help ensure MTD becomes more than another HMRC deadline.
Contact us to find out more: Tel: 01254 688100
www.pierce.co.uk
enquiries@pierce.co.uk Patrons:
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Date: Friday 27 November 2026 Time: 12.00pm – 5.00pm Venue: Burnley Football Club
• Network with like-minded leaders from businesses of all size and sectors
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Put your business at the heart of Lancashire Business Day.
Show your support for the county and raise your profile across Lancashire’s business community.
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