32 law south east
What can you bank on in 2013?
For many business owners in the south, options for exiting or expansion have been restricted over the past few years. They have faced issues such as lower share values, fewer potential purchasers in the market and limited access to finance
Many therefore consider that they have no choice but to remain working in their businesses beyond the time when they expected to be retired.
However, Clarke Willmott LLP is seeing more opportunities for business owners to exit or to bring in third party investment provided they are willing to be realistic on valuation and more creative in the structure of their proceeds.
Kelvin Balmont, head of Clarke Willmott’s corporate team in the south, said: “We would advise business owners who feel trapped to discuss their situation with corporate finance advisers and funders. It is still possible to access private equity, bank finance, asset finance or other finance (or very often a combination) to structure an exit. Often, though shareholders need to be prepared to accept that payments will be deferred over a longer period and will be subject to future
performance of the business it does give them an opportunity to start winding down.“
The biggest change, particularly compared with the boom years leading up to 2008, is the relative lack of finance that’s available when it comes to deals and investment. Some of that is down to the fact that more preparation is required if businesses want to secure the necessary funds. It also reflects the different mindset that many are bringing to deals, with earnouts and deferred consideration much more likely to be part of everyone’s thinking from the outset.
The other area where things have changed is in relation to property transactions. Banks are under pressure from increased regulation and, in some cases, over-exposure to the property sector to undertake increased levels of due diligence. As such, finance for property deals is certainly harder to secure. For those that
Briefings and training on offer from WK Law
Wilkins Kennedy Chartered Accountants’ specialist solicitors group WK Law launches new briefings and inhouse training courses for 2013
WK Law was launched in 2010 by top 20 UK chartered accountancy firm Wilkins Kennedy LLP to provide specific tailored services to businesses operating within the legal profession.
The group regularly hosts informative breakfast briefings for law professionals across the south of England, with the opportunity to network with fellow law firms and to discuss issues relevant to the sector with professional chartered accountants and specialist tax advisers.
Attendees have the opportunity to listen to presentations ranging from the new SRA handbook, budget and tax updates and planning points, audit and accounts requirements, practice issues, Lexcel advice, compliance matters and more, with each briefing finishing with a Q&A session. Attendees are encouraged to propose topics for future seminars so that presentations are relevant and informative to those solicitors that attend.
To consolidate their expertise in the legal sector, 15 staff and partners at Wilkins Kennedy are Lexcel-accredited consultants,
www.businessmag.co.uk
A cut above the rest...
The right legal advice is priceless, so what makes us so rare? Is it the investment we make to get the deal done? Is it the entrepreneurial spirit that we bring? Is it the commercial advice that we provide clients? Is it the high quality service that we deliver at a competitive cost?
Paul Hopper
having completed the Law Society’s Lexcel training program. All WK Law seminars and briefings are CPD accredited with the Solicitors Regulation Authority.
Our clients think it is all of the above. Clarke Willmott LLP is a national law firm offering a great service delivered by great people. We specialise in all aspects of commercial and private client law.
Paul Hopper, local tax director, says: “Based on our extensive experience working with the legal sector, we launched the WK Law briefings
Delivering an ‘unfaltering service’, the lawyers at Clarke Willmott LLP are ‘willing to assist
to help law firms and practitioners make sense of the relevant regulations and support clients in meeting their day-to-day and ongoing obligations with the SRA.“
In 2013 Wilkins Kennedy is also rolling out inhouse SAR training course for law firms wishing to take advantage of a bespoke course tailored to their specific needs, including the new obligations for compliance officers (COLP and COFA).
WK Law has over 60 members, a regular e-newsletter and a discussion group on LinkedIn. For further information on SRA briefings, WK Law newsletters or bespoke SAR inhouse training please email:
wklaw@wilkinskennedy.com
Details: Paul Hopper 01962-852263
paul.hopper@wilkinskennedy.com
can afford to buy a freehold, however, now is a good time as the changed market has deflated prices.
Kelvin Balmont, corporate partner in Clarke Willmott Southampton, commented: “Despite this, our experience suggests that banks are open for business and willing to lend on property and business transactions provided that the proposals are sensible and the lending criteria can be met.
“We believe that the focus is now on the serviceability of loans rather than just the value of assets, so different dynamics apply.“
Peter Swinburn, property finance partner, said: “Despite the challenging market conditions, Clarke Willmott has advised in relation to a considerable volume of banking, business and property finance transactions in 2012 and the outlook for 2013 is cautiously optimistic.“
Details: Kelvin Balmont 0845-209-1563
Kelvin.Balmont@
clarkewillmott.com www.clarkewillmott.com
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2013
Services include: • Corporate & Commercial • Real Estate & Property • Employment • Insolvency • Dispute Resolution • Private Client • Agriculture • Litigation
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