deals 27


Clarke Willmott advises on £250m acquisition


Southampton-based law firm Clarke Willmott LLP has advised on one of the largest acquisitions of 2013, supporting the Extra MSA Group to complete the £250 million purchase of nine motorway service areas from Serena Properties.


Clarke Willmott’s corporate and real estate teams advised the Extra MSA Group, which is backed by equity investor M3 Capital Partners, on the acquisition of the nine motorway service areas across the UK.


Andrew Long, CEO of Extra MSA Group, said: “Extra and I are pleased to have worked with Clarke Willmott on this important and strategic transaction. This expands Extra’s investment ownership of substantial motorway service areas to 18 key locations in the UK motorway network. Further acquisition transactions are also under consideration.“


Kelvin Balmont (pictured), head of Clarke Willmott’s Southampton office, said: “This is one of the largest deals of its kind in the UK so far this year and required support from across our corporate, banking, real estate, insolvency, planning & environmental and property litigation departments. This


acquisition will enable the Extra MSA Group to significantly expand its business and strengthen its position in the current challenging economic climate.“


The Extra MSA Group was established in 2010 by M3 Capital partners and Andrew Long, CEO of Extra. The acquisition doubles the number of motorway service area assets that Extra owns and follows the company’s successful development and opening of its new M25 Cobham operation in September 2012. M3’s current fund has equity capital commitments of $2.9 billion and since the firm’s inception M3 has undertaken in excess of $83b of real estate transactions.


Blake Lapthorn advises on landmark hospital deal


Law firm Blake Lapthorn has advised on a landmark deal that sees the first joint venture between the NHS and a private healthcare provider to acquire a hospital. The corporate and real estate teams at Blake Lapthorn’s Southampton office advised Albion Ventures and Orchard Portman Hospitals on the sale of Nelson House Hospital, a mental health rehabilitation facility in Gosport.


Nelson House opened in May 2012 and was backed by Orchard Portman Hospitals and Albion Ventures, one of the largest venture capital investors in the UK.


The hospital offers care and treatment to male patients


aged 18 to 65 as they continue their recovery and aim towards independent living. All patients are paid for by the NHS and come from NHS hospitals as well as private mental hospitals used by the NHS. The hospital was purchased by Sussex Partnership NHS Foundation Trust and the healthcare company Care UK, which formed a joint venture to do so.


Irene Lawrenson, of Blake Lapthorn’s corporate and commercial department, said: “This deal was a first for the UK and may well be something we will see a lot more of in the coming years. I’m delighted we were able to secure such a good result for our clients.“


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2013


Is the factoring barometer on the rise?


Demand for invoice finance is a good barometer of how active the economy is and how confident SMEs are to grow, acquire new businesses or simply get a better deal from another provider. Tracey Bevis, senior new business manager at Pulse Cashflow Finance, has been doing her research among industry colleagues across the Solent region and wonders if the upturn in deals activity during March is a sign that the economy might – just might – be showing signs of picking up


Experience suggests that activity in the asset-based lending (ABL) sector is always higher when the economy starts to pick up. When it’s heading down, or is flat, businesses are happy to batten down the hatches and ride out the storm. Certainly, as a business that specialises in business recovery and turnaround, Pulse has ridden out one or two false dawns over the past 12 months, an action packed few weeks and then a return to the doldrums. But talking to friends from other ABLs in the Solent area, it’s interesting to note that a wind of change seems to be blowing through our business community.


Is this another false dawn, or are things really improving? After a quiet January and February, March was a revelation; not only did Pulse see a lot more deals, but it was a record month for deals completed. And what’s more the quality is good. We help businesses that may have problems keeping afloat during the hard times – they might be struggling with bad debt or losses. But, if there is a determination to buck the trend and take the business forward in a new direction, then, provided they have a good customer base, we are here to support them. We can provide invoice finance facilities up to £2 million to new start-ups, developing companies or well-structured businesses. It would seem that this determination is on the up.


We are exceptionally quick at turning round deals, so it’s possible others have not yet experienced the same increased momentum, but speaking to


www.businessmag.co.uk


many Solent-based SMEs, there is a cautious optimism for a sustained, albeit gentle pick up in the economy, which is reflected nationally in the number of jobs created in the private sector. And what’s more, there is much praise for the industry – despite the occasional, usually unwarranted, derogatory press coverage aimed at invoice finance providers.


It’s clear that the doors have not closed on this method of finance. Indeed, there is much competition among providers, many of whom have their own particular niche, and this is helping SMEs to grow, assisting them to make decisions to take on more people, creating jobs and keeping business flowing. For that, we should be proud of what our industry does.


Details: Tracey Bevis 0845-539-7003 tracey@pulsecashflow.com


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