Assynt Corporate Finance, a member of The Corporate Finance Network in Hertfordshire, has successfully advised a shareholder on his exit from a motor repair business, following a dispute.The shareholder approached Assynt Corporate Finance Partner, Andrew Watkin, following the dispute between himself and the other shareholder within their motor repair business. The two shareholders wished to separate, therefore Andrew Watkin acted as advisor to one party.
The objective of the project was to produce an arrangement to enable the retiring shareholder to realise a capital sum for his shareholding and retain entrepreneur's relief on the sale. In addition to a share sale, it was important for Assynt Corporate Finance to ensure the full amount was paid on completion.
Andrew was also tasked with advising the shareholder on how to resign as a Director of the company without any ongoing liabilities of the company and ensuring a non-compete arrangement was fair and reasonable.
The outcome was, an agreement was reached to the satisfaction of each party and that the other shareholder purchased the shares without any further liabilities.