Keebles in the Media Spotlight: January and February 2019
Paul Trudgill business leaders predictions
Yorkshire dealmakers are expecting a cautious start to 2019 as the UK prepares to leave the EU, but are optimistic that opportunities will remain for businesses in the region after a strong 2018.
Paul Trudgill, partner at Keebles, said that acquisitions of UK businesses by foreign investors were likely to increase whatever the outcome of Brexit.
He said: "Although it's difficult to forecast the final shape of Brexit, if the outcome results in either no deal or Theresa May's deal there will be a period of intense focus for exporters and businesses involved in international trade to ensure they are up to speed with what is required - from both regulatory and contractual perspectives. "Either scenario will almost certainly result in a further increase in foreign acquisitions with sterling most likely falling and UK businesses becoming more cost effective to purchase as a result. Not only will this make them attractive as investment opportunities but it will also mean that foreign companies can secure more certainty around their own supply chains. We have seen this trend already over the course of the last 18 months. In addition to an increase in foreign deals, I forecast some contraction/hiatus in UK deals while UK funders and acquirers assess the implications of the deal for the wider UK economy."
Hard copy Insider edition - January edition – Harvest Healthcare MBO included in deals table
Castle Square advise on Management Buy-Out of Harvest Healthcare
Rotherham headquartered Harvest Healthcare; a leading manufacturer and supplier of high- quality healthcare equipment has changed ownership in a Management Buy-Out, led by Managing Director, Neil Davis. The company manufactures, supplies and services active & static mattresses and cushions, profiling beds, and moving & handling equipment to care home groups, community care equipment stores, and hospitals, both direct and via a network of distributors. Harvest have long term relationships with several national blue-chip care home groups as well as serving most local authorities around the country. Neil joined the company in February 2017, with a proven track record of growing businesses and driving out shareholder value. He has since transformed the fortunes of Harvest, delivering significant growth in turnover and profit, culminating in him being given an opportunity by the owners to put together a Management Buy-Out bid. Neil Davis said, “I am proud and excited to have the opportunity to lead the long-term development of Harvest Healthcare, and am grateful to the professional team who have helped make this possible. We are determined to help more and more customers provide exceptional care to their residents and patients, whilst building fulfilling careers for our staff, and growth opportunities for our supply chain partners.” Sheffield based dealmakers; Castle Square Corporate Finance provided corporate finance advice to the management team, leading negotiations on transaction value as well as deal structure, and also running the fundraising process alongside law firm, Keebles who provided legal services and advice. Director Kevan Shaw and Patrick Lynch from the Castle Square Team led on the deal, running a structured process which resulted in HSBC being chosen to provide the necessary finance to complete the transaction. Patrick Lynch said, “It is fantastic to have advised the highly experienced and successful managing director and entrepreneur Neil Davis on the transaction. During the last 21 months Neil has been supported by the wider management team, in particular Finance Director Tim Woods, who has also provided tremendous support throughout the transaction. The buy-out gives Harvest the platform build on the recent success and continue to manufacture and supply innovative high-quality equipment supplied into multiple healthcare environments”. Sheffield head quartered Keebles (with further offices in Leeds and Doncaster) is one of the Yorkshire regions expert multi-disciplinary law firms, boasting legal services including but not limited to Corporate, Commercial Property, Employment, Intellectual Property, Debt Recovery and Insolvency litigation, across multiple sectors. Led by Corporate Partner Matt Ainsworth, the Keebles corporate team based at the Sheffield office provided legal advice and support to the management team on the transaction. Matt Ainsworth said, “We are delighted to have worked on this transaction. Harvest Healthcare is a great example of some of the fantastic businesses we have in South Yorkshire that local funders and deal advisory teams can support. We are confident that Neil and Tim will capitalise on the huge potential in the care sector to drive the business forward“.
Following the structured debt fundraising process led by the Castle Square team, HSBC emerged as the preferred funding partner. HSBC’s Sheffield based Corporate team led by Chris Alsop, provided the acquisition finance on the transaction alongside working capital facilities.
Why grandparents may deserve better rights to see their grandchildren
By Vanessa Fox
Parliament is now considering a change in the law – which would give better rights to grandparents to see their grandchildren and it seems this will finally get the green light. The government is examining rules which might facilitate grandparents to maintain contact with their granddaughters and grandsons when their parents separate and divorce. The role of grandparents has taken on an unprecedented importance in modern day life. With many parents struggling to juggle work and family life, grandparents can be full time carers offering spiritual, financial and morale support and passing on their decades of worldly wisdom. In my experience, the distress that grandparents suffer when parents split up and contact with their grandchildren at times grinds to a halt is akin to a bereavement from which some never recover. The current system requires grandparents seeking to reconnect with their grandchildren to apply to court to obtain leave to pursue a child arrangement order, to enable them to see their grandchildren. This can be successful in cases where grandparents live with their grandchildren and are their main carers but is often hard to achieve when parents are the primary carers and do not deem it appropriate to allow access following their changed circumstances. Since 2014, applications made by grandparents for child arrangements orders have soared by 20 per cent. It is also believed that up to a million grandchildren are separated from their grandparents following family separation or bereavement. A change in the law might mean that grandparents would not need a child arrangement order. This change might give more grandchildren a right to a closer relationship with extended family members such as grandparents, aunts and uncles. Instrumental in a crisis, grandparents also provide advice on parenting matters and are frequently invited on family holidays.
It would also acknowledge grandparents’ significant contribution and enhance and enrich both their own and their grandchildren’s lives.
Keebles acts in Hull software specialist acquisition
Yorkshire law firm Keebles has advised on cleantech company Evac's acquisition of Transvac Systems.
Transvac, based in Arundel, West Sussex, specialises in the distribution and servicing of wastewater treatment systems, sanitary systems and ballast water treatment systems for ships and offshore platforms.
The company, established in 1974, has a history as a supplier to the Royal Navy in the UK as well as many projects carried out for the offshore oil industry.
The latest deal comes eight months after Evac's acquisition of Cathelco, a manufacturer of equipment for ships and offshore installations.
Matt Ainsworth, head of Keebles' corporate and commercial team, said: "We were pleased to play a role in this deal which highly complement's Evac's growth vision as it continues to go from strength to strength as a world leader in greentech solutions.“
Transvac Systems was represented by Lupton Fawcett.
Why the right contracts are critical when maximising ‘smart’ technology
By Carys Everitt - Legal Director in Keebles’ Corporate Department
With more manufacturers embracing Industry 4.0 and looking to introduce ‘smart’ technologies in their factories for remote control and data collection, the importance of taking the correct security measures cannot be understated. Industry 4.0 and smart technologies can undoubtedly bring a wealth of benefits streamlining and creating efficiencies in factory processes and operations which can transform manufacturing operations. Wide-ranging benefits include automated inventories, equipment monitoring and maintenance, offering bespoke solutions to customers, and creating certainty by replacing forecasts and assumptions with concrete knowledge. However, there are also risks to be considered such as ensuring the manufacturer’s confidential information and trade secrets are protected along with intellectual property (IP) ownership and compliance relating to data protection law requirements. It is vital that manufacturers consider all of these risks very carefully when agreeing contractual terms with any supplier of smart technologies. This applies to the terms relating to any trials taking place along with the contract that will follow if the trial is successful. The small print really does matter and changes to the standard terms of the supplier may need to be negotiated and agreed in order to properly protect the manufacturer. • Appropriate confidentiality obligations on the supplier and any subcontractors/service providers they use. • Clear provisions recording that any data generated and any related intellectual property arising is owned by the manufacturer. • Obligations on the supplier to return and/or destroy the data (at the manufacturer’s option) at the end of the contract. • The required minimum data processing provisions, if any personal data is involved. • Clear governing law and dispute resolution mechanisms, particularly if the supplier is overseas (including in Europe with Brexit imminent). The contract terms should include (amongst other things): • who is responsible for backing up the data and frequency of back up, • what security measures are in place to safeguard the data (to prevent loss and unauthorised access), particularly when using a cloud-based solution. • what training will be available for the manufacturer’s employees who will use the smart technology. To avoid potential repercussions - such as breaches of confidential information or trade secrets - down the line, manufacturers seeking to harness the opportunities and advantages of smart technology are advised to seek sound legal advice at the outset. In addition, it is important to consider and agree with the service provider - and set out in the contract terms - the following:
Precision engineering firm assets acquired from administration
The assets of a precision engineering business have been acquired out administration by a new venture made up of its existing management team and a counterpart.
Newburgh Precision Engineering Ltd entered administration on 22 January 2019, with Joanne Hammond and Claire Dowson of Begbies Traynor in Sheffield appointed to oversee the process. The assets and goodwill have been purchased in a £1m pre-pack deal by a new company, Vector X-Cel Ltd, which is 51 per cent owned by X-Cel Superturn Ltd and 49 per cent owned by the Newburgh management team. The new management team at Vector X-Cel will be chairman Andrew Taylor (owner of the X-Cel Group), managing director David Greenan, sales director Lee Townsend, financial director Chris Staves production director and Neil Booth. Sheffield-based X-Cel Superturn and Rotherham-based Newburgh Precision are both manufacturers of high precision machined components and assemblies, supplying into a number of industries to include oil and gas, nuclear and defence, power generation, aerospace and construction industries. Andrew Taylor said: "I'm delighted to be involved with Newburgh, they have an unrivalled reputation for engineering expertise and will complement the X-Cel group. We have exciting plans to invest heavily in the business.“ David Greenan said: "Myself and the Newburgh Precision team are excited to be working in partnership with Andrew and X-Cel Superturn. We believe the wealth of skills, knowledge and experience contained in the businesses will bring huge benefits to both. We look forward to building a bright future.“ Joint administrator Claire Hammond added: "After 75 years in business, it's fantastic news that this sale has enabled the firm to continue trading, saving all 80 jobs as well as securing its supply chain. We wish it well for the future.“
X-Cel Superturn was advised by Paul Hardy of Hardy Transactions, with legal advice provided by Matt Ainsworth of Keebles.
The management team at Newburgh was advised by Chris Sellars of 7 Legal and Finance.
Tom Paton, restructuring and insolvency partner at Irwin Mitchell in Sheffield, along with Hal Roberts, advised Begbies Traynor, with Kirsty Ayre, employment partner, and Guy Whitehead in real estate also supporting the deal.
A formula to prevent Industry 4.0 disrupting the manufacturing process
By Paul Trudgill, partner in Keebles’ corporate and commercial department
The sweeping changes resulting from Industry 4.0 - which is bringing a wealth of technological advancements to multinationals and large manufacturers - will affect all businesses responsible for production processes. While many developments including the ‘Internet of Things’, ‘Big Data’, virtual technologies and artificial intelligence sit underneath the Industry 4.0 umbrella, a key opportunity lies in the potential to create a ‘smart factory’ based upon successful cyber-physical cooperation between humans and technology. Wide-ranging benefits include less downtime and increased profitability and efficiency along with the agility to adapt to wider developments - all of which can enhance competitive advantage. Creating more flexible, efficient and productive supply chains is a key component of Industry 4.0 - an outcome which relies on remaining compliant to prevent hefty penalties and fines impacting on the bottom line.
Below are four key legal issues for the manufacturing sector to address before reaping the rewards of the Fourth Industrial Revolution:
Review liability clauses within commercial contracts
The way businesses interact - particularly if they are planning to share data and/or confidential information - will change. It is therefore important to closely examine how you engage with your partners and customers and review any agreements involving liability clauses so they reflect the changing nature of those relationships. Agree exactly who within your supply chain will be liable for faulty goods - and in what circumstances they have failed to deliver those goods as agreed. You may also want to consider putting new contracts in place in case your systems fail or suffer an attack.
We also recommend redrafting your standard terms and conditions to reflect your operational changes and acknowledge the technologies you’ve adopted.
Review use of data
Since the new data protection regulations (GDPR) came into force on May 25th, 2018, compliance has taken on an unprecedented importance.
‘Big data’ (the output of machines connected to each other, linked to the Internet of Things and stored in cloud-based systems) will be fundamental to Industry 4.0. This means the collection; interpretation and dissemination of that data will present a raft of new legal challenges. We suggest you take advice to ensure compliance with any regulatory developments while continuing to take full advantage of the benefits of the new technology you’ve implemented.
Review contracts and terms of employment
Any new technologies you adopt could have implications under current employment law as their implementation is likely to lead to wholesale reorganisation or even redundancies. Consulting with your employees and their representatives at the earliest opportunity is vital. On a more positive perspective, Industry 4.0 looks likely to lead to more flexible working models and create new roles that may require upskilling or retraining for certain employees. Again, the sooner you can explain these changes to your employees, the easier the transition will be. Industry 4.0 will dramatically impact how intellectual property (IP) is utilised and protected. As the traditional means of protection are likely to be substantially different, staying on top of these changes is paramount to ensure you maintain ownership of your IP and prevent competitors taking commercial advantage of your R&D, ideas and business processes. As Industry 4.0 takes hold we also expect a sharp increase in disputes around who owns/can use particular intellectual property rights. Having access to lawyers who are experienced in resolving potential disputes to avoid potential disruptions to your business is a priority. Review Intellectual Property rights
Michele Wightman on Radio Sheffield
Michele Wightman appears on Radio Sheffield to respond to listeners’ questions on wills and probate. Issues addressed included the following:
The role of executors in a will
• Where possessions go - and how they are treated - following a person’s death • Spousal exemption from inheritance tax (alluding to Ken Dodd’s case) • Rules for vulnerable beneficiaries • Statutory Wills • Why it’s important to make a will • How frequently wills should be updated
Michele will next appear on Radio Sheffield on March 29
Keebles acts in £4.35m Hull redevelopment
Keebles has represented a Doncaster developer in its £4.35m purchase and redevelopment of a former office block into residential apartments in Hull.
The renovation spearheaded by Tivoli Property Trading Limited sees almost 60 one- bedroom apartments being constructed at Tivoli House, Paragon Street with existing commercial tenants remaining on the ground floor. The former home of Hull City Council’s offices, Tivoli House has been vacant for more than a decade. Complementing a raft of city centre refurbishments, the five-storey mixed use development comprises approximately 30,000 sq ft and is due for completion in July 2019. Steven Crane, Director of Tivoli Property Trading Limited, said: “Hull’s transformation has been phenomenal. Multi-million pound programmes include the Princes Quay Bridge linking the marina to the main city and a raft of vibrant developments in the pipeline. “City centre living is making a comeback in Hull with an estimated 2,500 homes planned over the next 15 years. We’re delighted to continue playing a role in shaping the city’s future with this residential renovation.” Schemes already completed by the developer include Paragon House and Ferens Court in Hull along with the transformation of the old police station in Castleford into homes and studio apartments. Thomas Milner, a solicitor in Keebles’ commercial property department, said: “Hull’s renaissance in the lead up to, and following, its prestigious City of Culture title in 2017 is remarkable. With the upsurge in people wanting to live in a dynamic city centre, this development is both timely and formative.”
Keebles’ 23-strong commercial property team is one of the biggest in the region.
Michele Wightman responds to property inheritance question
My wife and I both in our mid 70s are considering the purchase of a property with annex with our elder son and family. This would entail selling both our existing properties ours mortgage free his with mortgage and pooling resources to purchase a larger property with suitable accommodation for both our needs. We also have another son and family not involved with this but whom we would wish to treat equally and fairly when it comes to our deaths and our estate. The main issues are about joint ownership of the new property and ensuring our second son cannot enforce the sale of the property when we die because of the detail in our wills. We also need to understand the implications should our elder son and wife divorce. We also have some savings which we might consider using to pay our second son now to obviate any claim he might have on the joint property after our deaths. I am sure there might be other issues to consider so should be grateful of any help and advice you can give us. Many thanks. Richard Marrion
Thank you for your question Mr Marrion. It is increasingly common for families to pool resources in the purchase of an appropriate house and it raises some interesting questions.
You wish to ensure equality between your sons whilst ensuring that no one can enforce a sale of the property. If there are sufficient assets in the estate you could leave your co-owning son your interest in the house, an equivalent cash sum to the other and divide anything left equally between them. Or you can give your interest in the house to your co-owning son at some point during your lifetime and the estate equally between them in the will - but with a provision that the co-owning son has to bring into account the value of what he has already received against what he receives under your will. What is certain is that you should get proper advice, which may depend on the values involved. If you decide to give a cash sum to your non co-owning son beware leaving yourselves without cash and consider if you need care at some point what a local authority will make of the gift.
Protecting the co-owned house from a former in-law is also something solicitors are often asked about. While your interest remains in your name there is less likelihood of problems but if you
do gift your interest to your son it could be taken into account should he divorce. Having said this, it is extremely unlikely that a divorce court would order a sale of the house. However, it may mean your son has to give his ex-wife more assets or a sale will be ordered after your deaths. Putting your interest in a trust instead of gifting it outright might be a way forward, but again I urge you to take proper advice before proceeding.
Keebles deals value exceeds £500m
Keebles' corporate and commercial team recorded a record-breaking 2018, acting on more than 60 deals with a combined value in excess of £550m pounds. During the year, the firm advised on the £45m plus sale of Altek Group to the Harsco Corporation and represented aerospace and industrial forger IFA on its £8.5m investment by BGF.
Keebles also supported Ask4 on its secondary buyout by Bowmark Capital and acted for Pressure Technologies plc in its disposal of Hydratron to Pryme Group.
The team has already completed a number of deals in 2019, including representing Evac in its acquisition of Transvac Systems.
Matt Ainsworth, head of Keebles' corporate and commercial team, said: "2018 has marked a trailblazing year with deals volumes topping half a billion pounds for our rapidly expanding client base. Despite the increasing political uncertainties surrounding Brexit, we are confident that 2019 will be another formative year for our continued growth.“
Paul Russell Property Q & A Yorkshire Post
By Paul Russell
Q What are the prospects for the commercial property sector in Yorkshire?
You only have to look at the growth and development of places like Leeds, Sheffield and Doncaster over the last 12-18 months to see that our region has a continued need for high quality office space, technology and manufacturing sites and distribution centres (all assisted by some excellent infrastructure projects). Whilst no one can predict how Brexit will shape the economic landscape over the next 12 months, if supply and demand remain at current levels, there is no reason to doubt our region’s very strong growth prospects in the commercial property sector.
Q What is the best project you have been involved in?
A number of fairly large and interesting projects spring to mind. However, the best would probably have to be acting for one of our region’s largest visitor and tourist attractions in their vast site expansion which, once it is developed and operational, will almost certainly rank amongst one of the country’s best visitor and tourist attractions. For us to be saying that of a local enterprise is just fantastic.
Q What is your favourite building in the region and why?
The Kelham Island Museum ticks a lot of boxes for me. It showcases Sheffield’s rich and vast industrial heritage, and also serves as a focal point and launchpad for the new and thriving cultural scene that is springing up in and around the area.
Q If you could change one thing to improve the property industry in this region, what would it be?
The “high street” remains a real mixed bag, depending on which part of the region you are in. Our towns and cities thrive on a booming high street offering, but with development increasingly moving away from those centres, more needs to be done to ensure that the high street is not going to be left behind. Local authorities are certainly working closely with high street landlords to address this, but more could certainly be done in this regard.
Q Who has inspired you?
I`m a fan of Chris Anderson, Head of TED (TED Conferences and TED Talks). It’s hard not to be motivated by someone who is passionate about sharing tips, ideas, know- how and strategies on how we can all improve ourselves by hosting talks with market leaders, politicians, entrepreneurs and charity workers.
Keebles clinches prestigious industry accolade
Sustained growth and commitment to clients has paid dividends for Keebles’ debt recovery department which has scooped the Legal Team of the Year title at the Chartered Institute of Credit Management (CICM) awards. The seven-strong team – which has boosted fee income by 50% in the last financial year – clinched the accolade for criteria including delivering a high quality service and devising alternative approaches which contribute to better outcomes for clients. Located at the firm’s Leeds city centre offices, the department – which has been further expanded with two additional appointments – has sustained an 80% plus recovery rate for debts across 2015-2018. Also shortlisted in the Third Party Debt Collection Team of the Year category of the awards, the team boasts a strong record in client retention, having acted for some clients for over 15 years. Keebles partner Rachel Crookes, who heads the department, said: “Receiving the Legal Team of the Year title is a great honour and testimony to how we offer a bespoke service, tailored to each individual client’s requirements. “The award also acknowledges how we always punch above our weight along with the high regard in which our clients hold us. An enormous ‘thank you’ and well done to all our team on this milestone achievement.” Consistently praised by Legal 500, the latest edition says the department: ‘Provides a service that is nothing short of excellent’. The guide also describes Rachel Crookes as ‘brilliant’ and names associate Charise Marsden a ‘Next Generation Lawyer’ for the second consecutive year. Specialising in commercial recoveries and representing clients in sectors including manufacturing and automotive, the team’s combined expertise spans almost four decades.
Cassandra joins Law Commission's expert panel for high-profile events
The Law Commission has invited Cassandra Zanelli, head of PM Legal Services, onto its expert panel at two high-profile symposiums in London and Manchester. The award-winning lawyer will draw on her extensive expertise at the Commission’s conference at Manchester Metropolitan University today following a similar session at University College London last week. Both events centre on the Commission’s proposals to reform the law of commonhold and right to manage. Cassandra, a champion of driving up industry standards and the first lawyer to be appointed to ARMA’s advisory panel, said: “This honour reflects our experience in these key areas and I am looking forward to taking part. As a landlord friendly firm which primarily represents landlords we are understandably closely following the Commission’s planned changes.” Between 29th and 31st PM Legal Services, a division of Keebles, is hosting its first residential conference entitled ‘Multi-skilling for property managers’ at St Hugh’s College, Oxford. The event follows the success of four sell out conferences the team spearheaded for property managers in 2018 – a year which marked formative growth for the firm. Keebles’ head of commercial property, Richard Smith, said: “Cassandra’s prestigious invitation to be a panel expert at the Law Commission’s reforms seminars is testimony to PM Legal’s respected reputation. We wish Cass and the team continued success in 2019 as the firm continues to go from strength to strength.”
Tekfloor lays down solid foundations with equity deal
One of the region’s fastest growing businesses has secured a substantial equity investment from UK Steel Enterprise (“UKSE”), the investment subsidiary of Tata Steel. Following a competitive process, Tekfloor Limited has completed the minority investment in order to accelerate their impressive growth plans. Tekfloor is now established as the UK’s leading independent distributor of screed and associated products to the construction sector. Under the stewardship of owners Steve Foster and Adam Wiszniewski, the company has delivered rapid growth with turnover set to exceed £20m in 2019. The investment is the next logical step in Tekfloor’s development, providing a solid foundation for the company to further enhance sales and profitability by exploiting strategic growth opportunities. A BHP Corporate Finance team of John Longstaff, Mark Cooper and David Forrest acted as lead advisors to the company with Paul Trudgill and James Burdekin from Keebles providing legal advice. Keith Williams and Gordon Jamieson delivered the funding package from UKSE, with Nick Goulding providing legal support. Adam Wiszniewski, finance director at Tekfloor, commented “Steve and I have known for a long time that the potential for Tekfloor was huge. The only thing holding us back was a lack of funding. It is very satisfying when a reputable investor like UKSE gives us such a vote of confidence. This investment will allow us to really kick on to greater things”. David Forrest, partner at BHP Corporate Finance commented “This is a genuine landmark moment for Tekfloor. Since starting out only six years ago the business has achieved phenomenal growth and of course had to deal with the inevitable challenges of such a growth trajectory along the way. This development capital fundraising is perfectly timed and gives Tekfloor the platform to take the business to the next level. It’s been a pleasure for us to have been part of their journey for several years now and we look forward to continuing to support Steve and Adam going forward. “ Keith Williams, regional manager at UKSE said “It was an easy decision to invest in Tekfloor. The company has grown rapidly by providing excellent service to customers and we believe this is just the start of a bigger growth story. Steve and Adam have been highly professional in their approach and easy to work with, enabling swift completion of the investment.” Paul Trudgill, partner at Keebles commented “After having acted for Tekfloor for several years and seen them grow significantly in that time, it was great to be able to assist them to secure the investment they need to achieve their ambitions”. Since the Tekfloor’s inception in 2013, its success has been built on exceptional customer service and technical expertise, supported by robust systems and procedures.
Keebles partnership with Cast features in Yorkshire Lawyer hard copy feature on theatre and the arts
https://leedslawsociety.org.uk/wp- content/uploads/2019/02/LYL- 156-JanFeb.pdf
The firm’s inclusion is on page 26/27
Cassandra Zanelli features in IRPM on the safe use of windows
Options to assess when divorce is the only solution
By Vanessa Fox
When divorce seems to be the only solution, taking the next steps can be bewildering and daunting.
While friends and/or family will advise and support you during this tough time, we always recommend seeking professional independent advice.
Everyone involved, particularly children, need to adjust to the new situation – making securing a fast and cordial agreement a priority. Collaborative law or mediation can help achieve this.
In collaborative law both parties and their solicitors meet face-to-face to resolve family difficulties – remaining in control of the process and the agenda. Accountants, pension advisers and estate agents can also be involved in the sessions. It involves signing an agreement which disqualifies your lawyers from representing either of you in court if the process breaks down. This ensures everyone’s commitment to find a non- confrontational solution. The final agreement comprises a Court Order leading to a better long-term relationship. With mediation you and your spouse meet with a qualified mediator to try to reach an amicable settlement. The sessions are confidential and without prejudice should an agreement not be reached. Mediation can also be helpful when previous arrangements regarding children need changing as they grow up. • If you’ve been a stay-at-home parent and not worked, remember that the courts will usually give you time to adjust to living separately and will not expect you to return to work immediately • If you move out of the family home, take all documents relating to your financial affairs with you • Also take with you possessions you want to keep, preferably with your ex’s agreement – but do not remove all the valuable items as the court will view this negatively • Any agreements you both make should be in writing. Although not be legally binding, they will help a court determine what you both understood by them at the time • If you plan to buy a property, take financial advice about a mortgage and about your pension, if you have one When undergoing separation or divorce, consider the following: • If the family home is in joint names, separate your interests which may involve one party buying out the other or the property being sold
• At all costs avoid involving your children in any disputes – they need to know your separation is nothing to do with them and that you still love them
CTW Hardfacing undergone multi-million pound MBO from former owner
Sheffield-based CTW Hardfacing has undergone a multi-million pound management buyout from its former owner, the past Master Cutler, Ken Cooke.
Established in 1972, CTW Hardfacing provides long term wear resistant solutions to a wide range of industries including power generation, steel production, oil and gas and food processing.
The management buyout team was formed by works manager Mark Hill, and chief operating officer, Adrian Carr.
A joint funding package to support the transaction was provided by NatWest senior relationship manager, Paul McCarron, and Paul Green of Royal Bank of Scotland Invoice Finance.
Legal advisors to the management team were CMS in Sheffield, led by Ben Hendry. The deal was led by Hawsons Corporate Finance.
Pete Wilmer, Hawsons corporate finance partner, said: “Mark and Adrian are genuine industry experts and CTW has proven itself to be a remarkably consistent performer throughout the economic cycle. “Having taken a leading role in running the business throughout Ken’s recent tenure as Master Cutler I have every faith in their future success, it’s been a pleasure to work with everyone involved.” McCarron added: “CTW is a fantastic business and the bank was delighted to support the long serving MBO team as they take the business forward to its next generation. This was a great team effort by all parties and advisers with superb collaboration from all involved to get this transaction completed.”
Keebles (led by Matt Ainsworth) provided legal advice to the vendors whilst Lupton Fawcett (led by Sheffield corporate partner Neil Large) advised NatWest.Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22
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