We were engaged on the sale of a successful care home.
Our clients were confident that there would be a number of parties interested in purchasing the home but did not want to commence negotiating with all of them before deciding which one to proceed with. The Selling Agents were instructed to prepare and circulate a sales memorandum and a share sale contract to selected interested parties, who were invited to make an offer on the basis of those documents.
The share sale contract was drafted by us in advance in an even handed manner but on the commercial terms on which the client was going to sell. This saved the clients a considerable amount of time and money as it avoided unnecessary professional time in negotiating the terms of the transaction.
Parties interested in purchasing the home were invited to submit a price and payment terms they were prepared to offer, and a return copy of the draft share sale contract with their proposed changes.
The successful bidder had made very few changes to the final share sale contract and only a single all party meeting was required, which was the final completion meeting. Usually transactions of this nature would involve numerous meetings prior to the final completion meeting.
The transaction was headed by Hitendra Patel (Corporate Partner) who was assisted by John Spratt (Commercial Partner), Carol Shaw (Employment Partner), Andrew Woods (Commercial Property Partner), Catherine O’Riordan (Commercial Assistant) and a Trainee Solicitor.