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DEAL DIRECTORY MANAGEMENT BUY-INS/OUTS
Management buy-out Management buy-out
of Halarose of Burchell Edwards
This announcement appears as a matter of record only This announcement appears as a matter of record only
Funding provided by: Legal adviser to the management team:
Financial adviser to
the funding:
Legal adviser to the management team: Financial adviser to the management team:
Lead adviser to the vendor:
HALAROSE MANAGEMENT ELECTS FOR MBO CORNERSTONE UNDERGOES MBO
The management team of marketing director of Halarose, Estate agency Cornerstone services business and legal
Oxfordshire-based Halarose, a said, “The Morgan Cole corporate The Midlands, which trades practice. We had to have regard
provider of electoral registration team is living proof that you do under the Burchell Edwards to all these aspects of the
and election management not need to go to a London firm to Estate Agents banner, has transactions to deliver the
software and services to local find corporate lawyers of the been acquired by newly deal in a short timescale and
authorities, has completed the highest calibre. Their standards established company Burchell avoid further implosion of
purchase of a controlling interest Edwards Midlands for an the business.”
in the company. The terms of the “The new structure of the undisclosed sum. David Whale of accountant
deal have not been disclosed. company puts us in the best The move was made when Michael Dufty Partnership
MD William Quinton, who took possible position to build on Cornerstone The Midlands, and his team assisted with
over the management of the our hard-earned reputation” Burchell Edwards’ parent the negotiations, financial
company from his father almost company, was put into structure and business plan
three years ago and led the MBO, reflect our own values. Like us, administration and managing for the new company.
said, “The new structure of the they deliver the highest-quality director Michael Bruce and Whale led a team of advisers
company puts us in the best service through a dynamic team his brother Kenny agreed to ensure the acquisition was
possible position to build on our of experienced people who are to buy the Burchell Edwards achieved with minimal financial
hard-earned reputation for totally committed to the name and assets. risk to the new business and
consistently delivering first-class common goal of excellence.” Hawkins Hatton LLP acted safeguarded more than 100
customer service.” Mark Donougher and Rachel as the legal adviser to the jobs. He said, “We steered the
Law firm Morgan Cole, which Lockwood, partners at purchasers. Colin Rodrigues led acquirers through the process
has offices in Wales and the chartered accountant Oury the legal team. He said, “The and we are assisting the new
south of England, acted for Clark, led the financial due Burchell Edwards deal was business by preparing regular
Halarose on the MBO, led by diligence on the MBO – a particularly difficult as it not key management information to
partner Michael Stace. transaction financed by the only comprised an estate agency help to ensure the company’s
Thomas Quinton, sales and Co-operative Bank. ■ business but also a financial future success.” ■
50 Mergers & Acquisitions
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