deals update 37
Spectrum’s success sparks new growth in deals market
It’s only just over six months since Spectrum Corporate Finance opened its doors for the first time in the heart of Reading’s financial district. Since then however, the corporate finance boutique headed by partners Simon Davies, Ian Milne, Clive Hatchard and David Pointer has gone from strength-to-strength
Indeed, there are so many new deals in the pipeline that the recruitment programme has had to be accelerated to handle the new business.
“We’ve been extremely pleased at the way the first six months has gone,“ said Milne. “We always knew the combination of our backgrounds and experience, and the fact we are so well known on the regional corporate finance front, would be a key intangible asset for us, but it has been very rewarding to see just how many opportunities have come our way and continue to do so.
“Besides the deals we have already completed, we are working on another six projects with more to come, including four mandates to sell various businesses across a wide range of sectors. We are also working on several buy side roles on private equity related transactions, which look set for completion in the next couple of months.“
Recently the Spectrum team successfully worked with Bowmark Capital, providing both deal and debt advisory support in its management buy-out of Glenside, the UK’s leading independent neurological rehabilitation centre.
Working with Bowmark, Spectrum used its healthcare sector experience, together with its detailed understanding of debt markets and the mechanics of structuring roll-out debt facilities, alongside acquisition funding to make the deal a success.
The specialist retail expertise of Clive Hatchard, previously chief finance officer at Land of Leather and acting CFO at Allied Carpets, also proved valuable when Spectrum was appointed to undertake a strategic review by High Street wine retailer Oddbins in February.
At the time, the privately-owned chain was looking at various strategic options for its business. As a precautionary measure Spectrum introduced a number of trade and financial purchasers to ensure an orderly sale in the event of administration. There had been hopes that a Company Voluntary Agreement (CVA) would be successful, but after failing to reach agreement with all its creditors, Oddbins went into administration in April.
“It was a very intense time for everyone involved, but we were able to introduce the Oddbins
Organic growth in Bournemouth
New Milton-based HH & DE Drew has acquired the business assets of Roffey.
The business will continue to serve customers with a comprehensive range of horticultural composts, fertilisers and chemicals both to specialty growers or local gardeners and landscape contractors from its sales counter in Bournemouth.
All previous Roffey staff have transferred and will operate from the existing site to ensure continuity of service and maintenance of longstanding trading and personal relationships. The business has been renamed Roffey Brothers and will
exist as a division of HH & DE Drew under its existing general manager, Chris Weall.
Trevor Poole, HH & DE Drew managing director, said: “I am delighted to acquire this long- standing local business. Being on our doorstep, we can support Roffey Brothers with in-house supplies of soils, loams, sand and compost, as well as with financial stability. This year we celebrate 75 years of operation. With our secure backing I am confident the business will grow organically and will be a fantastic addition to our family of local companies.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2011
www.businessmag.co.uk
team to Deloitte to provide the insolvency advice while we handled the accelerated M&A project, demonstrating the wide range of support and services we can provide,“ added Milne.
Another of Spectrum’s recent deals was the re-capitalisation of Aylesbury-based Alcumus Group, which provides risk management, compliance and certification services, on behalf of Sovereign Capital Partners.
The deal, for which Spectrum provided debt advisory services, was concluded over a very tight timeline in the run-up to the Christmas and New Year holidays, and involved the arranging and
structuring of new debt facilities of £9 million.
With such a busy time, it’s no surprise the next two months will see the addition of another manager from a Big Four firm in London and a research analyst, bringing the team number up to 10. The most recent recruit, Richard Bradley, joined in January as an associate director.
“We’re very pleased to be recruiting high-quality people from London firms into the local market, starting to reverse the trend of the last few years that has seen people leaving to go to the capital,“ Milne concluded.
“Combined with the fact that we are delivering deals into the Thames Valley and Solent, principally through our private equity contacts, it all has to be good for the region and we are looking forward to even greater growth by the end of the year.“
Details: Ian Milne 0118-9502269
ian.milne@
spectrumcf.co.uk www.spectrumcf.co.uk
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