LEES Accountants, The Corporate Finance Network’s representative in Norwich & East Anglia, have ensured the smooth exit of a 50% shareholder and the successful continuation of the business.
Jerry Hyde, of LEES Accountants, was approached by the client over 2 years ago, when a 50% shareholder was looking to retire and exit the business, with an MBO team, headed up by the retiring shareholder's son, looking to purchase the shares.
Progress with the deal was held up by a number of issues, including the effects of the recession and the banking crisis, as well as a relocation by the client during the transaction, which incurred heavy costs and placed a drain on liquid resources.
However, Jerry's perseverance paid off, and his work creating a detailed business plan and financial forecasts enabled the client to secure funding from HSBC, which alongside some deferred consideration, enabled the completion of the deal in January 2010.
LEES continue to work to complete further succession planning in respect of the remaining 50% shareholder.
