Dyke Yaxley, representing The Corporate Finance Network in the Shrewsbury area, have assisted their client to purchase the shares of a retiring company shareholder.
The client, a service engineer company, approached Dyke Yaxley when an existing director was retiring, and therefore looking to dispose of his shares, but the remaining shareholders did not have sufficient capital to purchase them.
Mark Bramall, of Dyke Yaxley, therefore structured a deal whereby the company purchased its own shares from the retiring shareholder. Mark reviewed the share valuation, as well as assisting with all necessary documentation and agreements. He sought HMRC clearance for the deal and informed Companies House of the share purchase.
The company acquired the shares for a consideration of £187,000 in December 2009, with the departing director extremely pleased to have achieved a smooth exit from the company.
