Lamont Pridmore, our member firm in Cumbria, has assisted two of their clients in obtaining a better result for all parties
Project Orbit and Project Neptune were both engineering clients of the West Cumbrian office of Lamont Pridmore and both were on the market. Les Walker, Managing Director, recognised that if they combined in a merger, this would make a stronger offering to the wider market, and a better result would likely ensue.
Therefore Project Neptune was acquired by project Orbit. Using two dedicated corporate finance and tax teams, the transaction was completed within 28 days in order to maximise the tax planning opportunities.
It wasn't just the timescale which caused additional pressures, as there were also some detailed analyses and valuations required on particular items of specialist equipment and intangible assets. External funding wasn't possible within the timescale required, so pension funds were utilised to great effect.
