TLT is advising Wallace and Gromit creator Aardman on the transfer of the animation studio into employee ownership.

TLT managing partner David Pester will also take up the post as chairman of the employee ownership trust board as part of the move.

Bristol-based Aardman was founded by Peter Lord and David Sproxton in 1972 and during that time the studio has won four Oscars and fourteen BAFTAs across its short and feature films.

Tax and incentives partner Ben Watson led the TLT team advising on the move, with support from corporate partner Alice Gardner.

Watson said: "As a firm, we have been involved with Aardman for many years and are delighted to have been able to support them in the move to employee ownership. The employee ownership model not only helps to ensure independence for the business, it also shares the rewards with the people who contribute to its success."

Sproxton said: “The journey to employee ownership at Aardman started several years ago, prompted by a talk that described a different way of “exiting a business". Our own lawyers TLT were also taking a real interest in the subject and this gave me confidence that employee ownership could be a viable option for Aardman."