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

Conquering M&A – Earn-outs

Earn-outs 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 seller who expects a price based on the future potential of the business. The difficulty for … Continued

Peter in running for Young Rainmaker Award

Dow Schofield Watts’ corporate finance team has been shortlisted in two categories in the 2019 North West Rainmaker Awards. The team is one of five in the running for the Corporate Finance Team of the Year award, while team member Peter Barkley has been nominated as the Young Rainmaker of the Year. Peter, aged 30, … Continued

London Buy For Perspective Financial Group

Chorley-headquartered Perspective Financial Group has opened its first London office through its latest acquisition, with Dow Schofield Watts in Warrington providing financial due diligence. The firm has bought Thornton Springer Financial Services in a move which expands its national network of operations to 15 including in Eastbourne, Marlborough, Chester and Newcastle. Thornton Springer Financial Services has been … Continued

Conquering M&A – Competition – UK Legislation

Competition – UK Legislation 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 a relevant merger has been created which might be expected to result in a … Continued

Blue Logic Deal Set to Create “Northern IT Powerhouse”

A £7m-turnover IT services company with more than 500 business clients across Yorkshire and the North East has been acquired by a Manchester-based counterpart in a deal that is set to create a “Northern IT Powerhouse”, with due diligence support from Dow Schofield Watts. Blue Logic was established in 2007 and has its head office in … Continued

The Main Types of Company Reorganisation

By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Demergers Groups may want to split out their activities for many different reasons. There may be conflicting interests between shareholders, legal reasons to separate a trade out from the rest of the group with corporate protection, or it may be the only way for a … Continued

Conquering M&A – Completion Accounts – Checklist

Completion Accounts – Checklist Aide Mémoire This can only be an aid to guide the reviewer of a contract towards those areas of an acquisition contract which are of accounting significance and which might be sources of dispute in the future. At all stages you should be asking the questions: Is it clear? Is it … Continued

8 Weeks in Venture Capital

8 Weeks in Venture Capital By Oliver Rogers, Analyst in the DSW Angels Team My first few weeks in Venture Capital have taught me that it’s a non-stop learning environment. Dow Schofield Watts Angels receives about 50 applications for funding a month, so at any one time, there are many different businesses in the pipeline. … Continued

Family planning – the tax sort!

Transferring Shares in Family Company to Spouse – Gift or Sale? By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Owning your company jointly with your spouse is standard planning where one of you pays tax at a higher rate than the other (or one of you pays no tax at all). The idea … Continued

Conquering M&A – Completion Accounts – The Risks

Completion Accounts – The Risks According to PriceWaterhouseCoopers (“PWC”), between 40% and 60% of M&A transactions have a completion accounts mechanism, whereby the purchase price is arrived at by reference to the Target’s net asset value (“NAV”) as at completion. The purchase price is adjusted after completion to reflect the actual net assets of the … Continued

Proseal UK Limited To Be Acquired By US Corporation In £220m Deal

Food packaging specialist to be acquired by US corporation in £220m deal Proseal UK Limited – the UK firm which is a leading provider of tray sealing technology to the food industry – is to be acquired by Chicago-based JBT Corporation. JBT, which is listed on the New York Stock Exchange, has signed a definitive … Continued

Conquering M&A – Completion or Locked Box

Completion or Locked Box The prevalence of private equity in M&A transactions has led to an increasing trend in the UK to using the “locked box” approach to determine the final price for a target business rather than completion accounts. The primary difference between the two mechanisms is the date of transfer of economic risk. … Continued

A Recap on Directors Loan Accounts

As a director, the company may pay for personal expenses from time to time. You can clear the debt by repaying it or get the company to write it off. Does it matter how and when you do this? By Simon Denye, Partner, Dow Schofield Watts Tax Consulting LLP Over £10,000? Your company card has … Continued

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