It always sounds easy to bridge a price gap with an earn-out…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Earn-outs (Chapter 5) An earn-out is deferred consideration dependent upon the future performance of the business being acquired. The principal purpose is to bridge the price expectation gap between the buyer who will pay a price on past profits and the … Continued

UK Competition Legislation

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon UK Competition Legislation (Chapter 3) The Competition and Markets Authority (“CMA”) may initiate an investigation of a takeover if there is a merger situation qualifying for investigation (other than if covered by the European Commission). The CMA must initiate if it believes … Continued

Excluding the financial section, a business plan should be less than 30 pages…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Business Plans (Chapter 2) The business plan is the first point of contact with the business for the private equity firm. First impressions are crucial. It is recognised that many good investment opportunities may be passed over principally due to the … Continued

Dow Schofield Watts reports 28% rise in deals in first half 

Dow Schofield Watts’s Northern offices have had a strong start to 2019, with a significant uplift in the volume and value of deals in the first half of the year. The teams in the North West and Yorkshire advised on 37 deals worth £549m during the first six months, compared to 29 deals worth £344m … Continued

There are only three questions to be answered by financial due diligence…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Financial Due Diligence (Chapter 1) The typical areas of diligence on every deal are financial and legal diligence. Financial due diligence (“FDD”) focusses on the value areas of a transaction: Earnings Performance How has the business performed historically? Are there any … Continued

Buy-In Management Buyout of Star Brands Completed

The Yorkshire & North East Corporate Finance team at DSW has advised on the buy-in management buyout (BIMBO) of Star Brands, funded by Mobeus. Star Brands, the £30m-turnover laundry and cleaning product manufacturer, is headquartered in Leeds and has a manufacturing plant in Redditch. It currently employs about 125 staff, with 30 of those added … Continued

Peak42 Acquired By Edwin James Group

“The quality and depth of the advice during early engagement set DSW apart from its competitors. We established a strong relationship working very closely with the team in the planning stages. This proved to be a key factor throughout the transaction process as we faced diligence challenges. We felt incredibly well represented with DSW consistently … Continued

Meat wholesaler Nigel Fredericks ceases trading with loss of 250 jobs

A London-based meat and poultry specialist which had been facing financial difficulties has ceased trading after failing to find a buyer. Dow Schofield Watts Business Recovery were appointed as administrators to Nigel Fredericks Trading Limited, which supplied the catering, hotel, leisure and education sectors including a number of high-profile sporting venues. The Dow Schofield Watts … Continued

Perfect Image Announces Successful Management Buyout

Perfect Image, a Newcastle-based IT services company, has successfully undergone a Management Buy Out (MBO), completed by Chief Executive Officer (formerly Chief Operating Officer), Rob Hankin, and Sales and Marketing Director, Andrew Smith. The MBO was backed by Chiltern Capital, a private equity firm that supports exciting businesses with ambitious teams to grow and develop. … Continued

DSW advises Tonkotsu on £5m investment

Tonkotsu – the ramen restaurant group – is set for expansion after securing a £5m investment from YFM Equity Partners. Will Baxter of Dow Schofield Watts acted as lead advisor to Tonkotsu on the deal. Tonkotsu, which is led by Managing Director, Stephen Evans, operates nine restaurants in London and one in Selfridges Birmingham, with … Continued

DSW Angels Shortlisted for UKBAA Best New Entrant to the EcoSystem

We’re delighted to announce that the DSW Angels have been shortlisted for Best New Entrant to the EcoSystem at the UKBAA Angel Investment Awards 2019! This Award recognises the most innovative and impactful organisation having recently entered the early stage market and that is making a significant and exciting impact on the entrepreneurial finance ecosystem … Continued

Capital Allowance – Plant and Machinery

Plant and machinery allowances may be given where a person carrying on a qualifying activity incurs qualifying expenditure. By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Qualifying activities are: A trade A property business (UK or overseas) A furnished holiday lettings business (UK or within the European Economic Area) A profession or vocation An employment or office … Continued

Dow Schofield Watts Boosts Top Team as it Targets National Growth 

Dow Schofield Watts boosts top team as it targets national growth  Dow Schofield Watts has made two strategic appointments to strengthen its management team as it prepares to roll out its brand in key cities across the UK.  Richard Evans joins as the group’s Operations Director, having previously been COO of the London investment bank Strand Hanson, while Nicole Burstow joins from Deloitte to become the group’s Finance Director.  Their arrival comes as Dow Schofield Watts plans to continue … Continued

Summary of Corporate Tax Issues Following an MBO

By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Introduction to MBO’s and Corporate Tax Issues Several new companies may have been incorporated and /or acquired as a result of a management buy-out (MBO). It is important that the directors of the new group are aware of the tax matters which may need to be … Continued

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