Hunter Gee Holroyd have completed an acquisition assignment for their client in the day nursery sector
Mark Grewer of Hunter Gee Holroyd, together with Jeremy Bennett of J B Law, advised the client who wished to purchase one site of a multi-site day nursery business which was in administration.
Mark and Jeremy led the negotations with the administrators, prepared the offer and gained 'in principle' bank support for the lending requirement, all within a matter of days. In addition, with very little due diligence or warranties being made available by the administrators, Mark, with the purchasers, assessed all likely business, commercial and financial risks to provide comfort that this transaction would not cause undue risk to the client's existing business.
Once the decision was made to proceed with an offer, the offer letter provided to the administrators was supported with sufficient information for them to assess that these purchasers were serious and credibile, and that they were in a position to complete quickly.
Once the offer was accepted, Mark Grewer swiftly ensured all the bank's requirements were met, for them to provide the funds as initially intimated, funds were drawn down and the acquisition was completed on 23rd November 2007.
