Nicholsons, a member of The Corporate Finance Network based in Lincoln & Grimsby has advised its estate agency client on a management buyout.
Kate Brown, Director at Nicholsons, led the deal.
The owner had run the business for many years and wanted to exit. However, her aim was also to ensure the business continued and that her staff were secure, rather than have a trade sale by a competitor when there was the possibilty they could lose their jobs.
Two key employees were open to buying the business in order to facilitate the exit.
Nicholsons assisted with the valuation work and the structure of the deal, which involved inserting a holding company. They also prepared the Heads of Terms which the solicitors, Bridge McFarland, then used to compile the legal documentation.
The outcome meant the founder could step back from the business and begin to enjoy a well-earned retirement, with the next generation excited to start their own entrepreneurial journey.
