42 deals update


Latest deals data from across the region


Mortgages Made Easy acquires Contractor Financials Completion Date: 08/15 Target: Contractor Financials Acquirer: Mortgages Made Easy Deal Value: Undisclosed


Details: Spectrum Corporate Finance has successfully advised the shareholders of Mortgages Made Easy on the acquisition of Contractor Financials and the subsequent investment for growth by Private Equity investor Livingbridge. Spectrum also arranged debt facilities in support of the transaction


Funding: Livingbridge and Santander Corporate Finance Advisers: Spectrum Corporate Finance Legal Advisers: Eversheds, Shoosmiths and Bond Dickinson Financial Due Diligence: Baker Tilly Commercial Due Diligence: CIL


Project Bulldog


Completion Date: 08/15 Target: Project Bulldog Acquirer: Undisclosed Deal Value: Undisclosed


Details: Disposal of a leading data analytics and marketing company based in the South West. James Cowper Kreston Corporate Finance provided lead advisory services to the vendor


Corporate Finance Advisers: James Cowper Kreston Corporate Finance


Legal Advisers: Roxburgh Milkins Investment in British Energy Saving Technology Completion Date: 09/15


Target: British Energy Saving Technology


Deal Value: £2.1 million


Details: HMT LLP, led by partner Paul Read undertook due diligence for Percipient Capital in its investment in British Energy Saving Technology


Funding: Percipient Capital Financial Due Diligence: HMT


Next Deadline


The next Deals Update will be in our November issue


Deadline for submissions is Monday October 12 To submit deal information or to advertise on this page contact: Steve Banbury • 0118-9766414 • steve@elcot.co.uk


Elcot Publications is not responsible for the accuracy of information in the Deals Update section which is supplied by individual firms


Investment in Virtua UK by Connection Capital


Completion Date: 08/15 Target: Virtua UK Deal Value: £4.6 million


Details: HMT LLP, led by partner Paul Read, undertook due diligence on the investment in specialist telecom engineering firm Virtua UK by Connection Capital


Funding: Connection Capital Legal Advisers: Gately‘s Financial Due Diligence: HMT Commercial Due Diligence: Latitude


Mortgage merger to create local jobs


National mortgage broker and Fareham- based Contractor Mortgages Made Easy has announced its acquisition of Alton-based Contractor Financials. At the same time, leading private-equity firm Livingbridge is making an investment in the enlarged group to help accelerate growth.


The combined business will employ over 130 staff and will continue to champion the cause of the contractor freelancing community by working with the UK lending industry to ensure its unique circumstances are catered for.


The business is looking to expand to over 200 members of staff in the next 24 months, which will create opportunities for existing and new staff.


The business is one of the UK‘s leading providers of broking services for mortgages and related financial products to the contractor freelancing industry.


Contractor Mortgages Made Easy was established in 2004 by Sat Singh. He now runs the business as CEO with two fellow directors Taj Kang and Andy McBride.


Singh will become CEO of the merged group and the combined business will deliver over 6,000 mortgages per year.


The business has ambitious growth plans and the investment and support from Livingbridge will help the enlarged business to invest in marketing and systems to improve its operations and market position.


www.businessmag.co.uk Sat Singh


Commenting on the acquisition, Singh said: “Dedicated and professional staff are key to our organisation‘s services, but we need to recruit more if we are to meet the needs of the growing contractor community. We are delighted that we are able to create a number of new jobs in Hampshire, offering individuals rewarding and fulfilling career opportunities.


“The acquisition of Contractor Financials, will allow us to create a market-leading proposition and build a best-of-breed business with a view to serving the financial interests of the contractor freelancing community.“


Connection Capital invests in Wiltshire company


HMT LLP has undertaken due diligence on the investment in specialist telecom engineering firm Virtua UK (Virtua) by Connection Capital (Connection Capital).


Based in Wiltshire, Virtua provides services from design and installation, to testing and optimisation, for expanding and upgrading mobile networks on behalf of the major UK mobile network operators. Its client base also includes commercial estate owners of major developments such as Terminal 2, Wembley Stadium and the “Walkie Talkie“ skyscraper in London.


Virtua has secured £4.6 million from over 70 Connection Capital clients. The investment will drive accelerated growth by enabling the firm to bid for more and larger contracts and fund targeted acquisitions. Investors will have the opportunity to benefit from tax, as the investment is eligible for the Enterprise Investment Scheme (EIS).


Led by partner Paul Read, HMT undertook due diligence on this transaction, and director Holly Bedford provided tax advisory services.


Andy Watts, managing director at Virtua UK, commented: “Paul and his team helped clarify the challenges we face and the things we could do to improve the business and mitigate our risk.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2015


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