deals update 39
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 buyout 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 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,
OION helps secure £50m fund The OION was established as one of the first angel networks in the UK and remains one of the few private sector networks. It assists innovative companies across the UK to secure crucial business development funding from £200,000 to £2m. The news rounds off a successful year for OION, whose annual results show that it has maintained its track record of deals despite the economic downturn.
The Oxford Investment Opportunity Network (OION) was one of five partners in the successful bid submitted by Capital for Enterprise (CfEL) for the £50 million business angel co-investment fund, which was one of only two national bids to secure funding from the Regional Growth Fund.
Following a due diligence period, the partners in the CfEL consortium expect to set up a co-investment fund that will provide capital to match investments from business angels in high growth companies.
In the past three years, OION has helped over 40 companies raise more than £27m.
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2011
www.businessmag.co.uk
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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