New finance team formed

Corporate finance outfit Dow Schofield Watts today announced it has lured three senior managers from PricewaterhouseCoopers in Manchester to run a new division, and has launched a venture capital fund which is looking to raise up to £5m. Ed Brentnall, Chris Williams and Catriona Lang will join Warrington-based Dow Schofield Watts later this year to … Continued

Advisers answer distress signal

Dow Schofield Watts has set up a new corporate debt advisory business to provide turnaround and refinancing services to distressed firms that are worried about their future funding prospects. It will be headed by former Ernst & Young corporate restructuring senior executive Joanne Dodd, 34, and Paula Jones, 39, who has joined after spending the … Continued

Time for something different

In times of tightened credit markets, with banks and other funders treading cautiously with lending, Stephen Greenwood may have the answer for ambitious management teams eager to buy the businesses for which they work. As chairman of Deferred Finance Ltd, the only specialist underwriting consultancy for deferred consideration insurance, he has spent the last eight … Continued

£6m development capital for Raphael Healthcare

Dow Schofield Watts has advised the shareholders of Raphael Healthcare on RJD Partners £6.1 million development capital investment in a deal that values the company at £30 million. Raphael Healthcare was established in Runcorn, Cheshire, in 2004 by Chief Executive Arthur Robinson (a former psychiatric and general nurse and onetime government Director of Mental Health) … Continued

Due diligence gets a taste of its own medicine

Due diligence is spiralling in complexity and corporate deals take longer to complete, but new research has found that management teams see little value in it. A report by Directorbank has revealed that just 20 per cent of senior members of management buyout and buy-in teams believed they received any useful insights, despite the increasing … Continued

NWDA set to launch vc fund

The North West Regional Development Agency is set to announce the launch of an £80m venture capital loan fund within the next few days. It has issued a tender document (see Contracts and tenders, page 18) requesting bids from potential managers to run the fund, whose objective will be to provide seed and growth capital … Continued

Johnson to delist from stock exchange

Dry cleaning firm Johnson Service Group (JSG) is to delist from the Official List of the London Stock Exchange and instead trade on the Alternative Investment Market (AIM). The decision was approved by shareholders at an EGM in London yesterday. The company expects to finish trading on the Official List on June 9, and begin … Continued

Multisol sold to management team

A management team from Nantwich-based chemical distribution firm Multisol have announced that they have completed a buy-out of the £78.5m-turnover business for an undisclosed sum. The company, which last year made a profit of £6m, was sold by the Banner and Thomas families to a management team led by its chief executive, Paul Oliphant. Oliphant … Continued

How Haulage Group is getting bigger and greener

This weekend’s LDP Business radio show on CityTalk105.9 features an interview with Stobart Group chief executive Andrew Tinkler. The head of the iconic North West haulage group tells listeners how the firm, which now operates 1,250 lorries, is adapting to growing environmental concerns. Mr Tinkler describes how his firm plans to transfer some freight services … Continued

A hard day’s night finalising a deal

My son rings with a prank call A partner in the corporate department of Halliwells Liverpool office, Jonathan Brown specialises in mergers and acquisitions. This was his working day on Tuesday, August 14, when the Eddie Stobart deal was agreed. 6.30am: I woke up in the Hilton Hotel, Manchester, as I am acting for the … Continued

Eddie Stobart hauled onto stock market

A pair of Preston professional firms have played a key role in the deal which has taken haulage giants Eddie Stobart on to the London Stock Exchange. Solicitors Brabners Chaffe Street and corporate financiers Dow Schofield Watts were both involved in the reverse flotation, which saw the Carlisle-based group taken over in a £138m deal. … Continued

Stobart trucks along with reverse takeover

Stobart trucks along with the reverse takeover of Westbury Property Eddie Stobart, the iconic road haulage company, is to list on the London Stock Exchange after reversing into Westbury Property Fund. The company’s practice of giving its 900 trucks their unique female name has made it a household name, even spawning an Eddie Stobart fan … Continued

Stobart on the move

The UK’s best known road haulage firm, Eddie Stobart, was today sold for £138m to create a merged transport and logistics company headquartered at Appleton Thorn near Warrington. The company, famous for its 900-strong fleet of green and red trucks, is being bought by former property group Westbury, which owns the port at Runcorn and … Continued

Kitson group sold for £14m

Silverdell, a UK supplier of asbestos contracting and consultancy services, announced the acquisition of Kitsons, an industrial asbestos contracting business, for £14m. The deal will be financed by a £4m existing facility with Barclays Bank and £10m from a placing of shares at 150p. Kitsons provides asbestos removal, insulation and scaffolding services to the nuclear, … Continued

Taygroup buyout deal

The parent company of Wigan-based haulier Taylored Lines and warehouse and distribution business Beeline has undergone a management buyout, in a deal valued at £8.75m. Taygroup , a £22m-turnover enterprise with 155 staff nationwide, has been sold by chairman Nicholas Taylor and finance director Paul Craven. The buyout was led by sales boss Jon Wright, … Continued

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