Whitings LLP, a member of The Corporate Finance Network, has successfully advised the shareholders on their sale of a hospitality business for £1.1m.
The Whitings Corporate Finance team was approached by their client after deciding they wanted to divest a hospitality business from their portfolio. The Whitings team, led by Jonathan Moore, marketed the business to a shortlist of well-known national and regional buyers however, for various reasons, the business was not a suitable acquisition for them at the current time.
Their clients then used their own network to identify a prospective purchaser who is a well-established hospitality group. The group was keen to move forward and therefore the deal continued to the negotiation stage. The Whitings Corporate Finance team assisted their client by advising on the deal structure including reviewing the SPA and drafting the disclosure letter. They then went beyond the direct deal matters to consider tax implications including personal tax implications for the individual sellers.
The deal was completed enabling the vendors to focus their efforts on other assets within their portfolio.