Peninsula Business Services Ltd (“Peninsula”) - £100m refinancing
Beever and Struthers advised this leading employment law consultancy business in refinancing the business enabling the shareholders to take out a cash sum of up to £100m.
Peninsula was incorporated in 1983 and is currently run by Peter and Fred Done, the brothers behind the Betfred bookmaking chain. In the year to the end of March 2007, Peninsula achieved a 65% increase in pre-tax profits on the previous year, up to £16.6m, on turnover of £59.7m (up 18%).
Beever and Struthers worked closely with Peninsula in preparing a detailed business plan with integrated forecasts and in formulating a strategy for the future of the business. The Corporate Finance Team were closely involved in all aspects of the transaction providing; assistance with the financial due diligence process, a financial assistance opinion on the loan, continuing assistance during negotiations with RBS with advice relating to the terms of the bank loan and the implementation of the procedures necessary to ensure that all targets and covenants would be met going forward.
David South (Cheese Distribution) Ltd – sale of shares
When the shareholders of this owner managed business sought a purchaser for their cheese distribution business, Beever and Struthers found the perfect match in a deal exceeding the owners’ expectations.
David South (Cheese Distribution) Ltd was established in 1983 and the Manchester based company developed a reputation as one of the market leaders in the import and distribution of specialist cheeses.
Beever and Struthers forged introductions with a variety of potential purchasers and provided a lead advisory role throughout the transaction, assisting in negotiations with all interested parties, presenting their respective advisers with the necessary information, ensuring that the transaction was structured in the most tax efficient manner and providing continuous support to the shareholders both to completion and beyond.
Till and Whitehead – multi million pound acquisition of 3 companies
Beever and Struthers advised Till and Whitehead on it's recent acquisitions of Layburn Tools, UK Fastners and DIY Plastics, which has helped the company to achieve further market penetration thus increasing the value of the company’s shares.
Till and Whitehead is a long-standing audit client of Beever and Struthers operating as ironmongers and suppliers of industrial products including fastenings and fixings. After identifying opportunities to increase its market share, the company approached the Corporate Finance Team to advise on the potential acquisitions.
Beever and Struthers assisted management in the development of a suitable acquisition strategy, formulating integrated forecasts to reflect the trading position of the existing and proposed group. We performed due diligence and whitewash procedures on each target, and advised where required on certain aspects of the deal structure and sourcing of funds. Our Corporate Finance Team continues to advise the company on its post acquisition strategies.
Aquacure - £4m management buy-in
Beever and Struthers assisted the MBI team on the purchase of the Merseyside based water treatment and plastic injection moulding company for £4m. Funding was provided by HBOS.
The Corporate Finance Team provided the management team with a whitewash opinion on completion of the deal.
Following the MBI, the new management team have plans to expand the water treatment operations through further organic growth and potential acquisitions. In addition, they intend to work to increase profitability in the injection moulding division through increasing end selling prices and greater sales volume from key accounts.