We acted for the seller of a building materials company into the public sector. Our client’s corporate finance advisers, Bristol York Limited, had negotiated favourable terms for the sale of the client’s company, and the only problem which appeared to exist was that for tax reasons the transaction had to be completed within quite a short timescale. The transaction proceeded comfortably, with the firm taking responsibility for dealing with the due diligence enquiries of the purchaser, and also assisting in the production of the deal documents.
A few days before we were scheduled to complete the transaction, our team learned that there was a problem with a contract which was key to the business of the company being sold. This necessitated analysing the company’s position regarding this contract, meeting the clients and finally successfully satisfying the purchaser so that on the one hand our client was fully protected from any claim arising in respect of this contract after completion, and on the other hand satisfying the purchaser sufficiently to enable the transaction to complete.
The whole team, comprising the Spratt Endicott team, the Bristol York team and the client team were all delighted to conclude the transaction on time and on satisfactory and safe terms.