corporate review - muckle llp · annik . young corporate compliance . assistant we are delighted...

Corporate Review2016

Mergers, acquisitions and salesAccessing finance

Company law, formations and compliancePrivate equity

Management buy-ins and buy-outsJoint ventures and shareholder agreementsFlotations, placings and regulatory advice

Options and management incentive schemesSpin-outs

Re-organisations and demergers

2

£580m

10%

Total value of deals

63 Deals delivered

The team has grown by

43% More deals than any other North East law firm over the last 10 years*

ACHIEVEMENTS2016Corporate Team

Corporate Law Firm of the year

Best Regional Corporate and Commercial Law Firm

* recognised by Insider at the North East Dealmakers Awards 2016

5Awards

Won

3

£580m

10%

Total value of deals

63 Deals delivered

The team has grown by

43% More deals than any other North East law firm over the last 10 years*

2016 has been an award winning and fantastically busy year.

Not only did we advise on more deals valued above £500,000 than any other law firm in the region (topping the Experian league tables for the third year running) but we were also crowned by Legal 500 as the best regional corporate and commercial firm in the country, as well as winning a number of other prestigious North East awards.

We believe this is all proof that you don’t need to be a multi-site operation to succeed. In fact, we think it helps that we’re not. It is people who make the difference and our single site operation makes working together for the benefit of our clients much easier.

I am delighted that, during the year, we added two new lawyers, Claire and Sara, to an already strong team of highly skilled corporate specialists, making us even better equipped for 2017 to focus on delivering for our clients and our business partners.

We are immensely grateful to everyone who trusted us with their work or helped us to deliver a wide range of projects last year and hope that you enjoy this short review.

We are proud to be a North East firm and that so many clients, from all over the country and across the world, have told us how much they value our help.

Whether it is forming, buying, selling, funding, floating or reorganising a business, we look forward to helping you with your goals in 2017.

Andrew DavisonHead of the Corporate Team

Young Dealmaker of the Year Adam Rayner

Deal of the YearLed by Matthew Walsh

Top North East dealmaker2014, 2015 and 2016

Welcome

Sound investmentThrough private equity investments and corporate fundraising on the London Stock Exchange, we have helped businesses of all sizes grow in 2016.

We helped Fairstone Group complete a £25m private equity investment from Synova Capital. The group is already one of the UK’s largest financial planning firms and the cash enabled Fairstone to expand operations, create 20 new jobs and make a series of acquisitions, which we also advised on.

£25m investment

4

It was a complex process involving multiple shareholder groups and we are delighted with the end result. We would have no hesitation recommending them to any other business looking to raise private equity or development capital and we look forward to working with Muckle over the coming years as we scale up the group’s activities.

Lee Hartley, Chief Executive of Fairstone Group

Andrew Davison

Partner and Head of the Corporate Team

Anthony EvansPartner

Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor

Charlotte Littlefair

Trainee Solicitor

Kate Newman

Trainee Solicitor

Sound investment

5

Being ‘easy to work with’ is a crucial part of what we do

Kitwave Group continued its rapid growth following a multimillion pound investment from Pricoa Capital, which we helped deliver. It paved the way for two major acquisitions which have helped Kitwave advance their national presence in the food wholesale industry and maintain their place as one of the UK’s largest wholesalers.

Multimillion poundinvestment

Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor

Claire WillcockSolicitor

Sara WorsickSolicitor

Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young

Corporate Compliance Assistant

We are delighted with the progress we are making. The initial investment was a complex deal but it gave us the platform to further grow and we have subsequently undertaken two acquisitions. We were glad to have Muckle LLP’s support again. They are easy to work with and get the deal done.

David Brind, Finance Director of Kitwave Group

6

We have more experience of working with PLCs than any other North East law firm. And our experience of helping quoted companies raise funds through AIM really helped when Quantum Pharma Plc, the service led niche pharmaceutical developer, manufacturer and supplier, instructed us on their £15m fundraising.

£15m fundraising on AIM

Sound investment

Chris Rigg, CEO and CFO ofQuantum Pharma Plc

Muckle did a fantastic job for us on our fundraising. Sarah and Andrew in particular were excellent. Their ability to drive the process forward really helped us deliver a successful placing, which puts us in a strong position to deliver future growth and opportunity across the Quantum group.

Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

7

Sales up

20%

Sound investment

Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


Sometimes you just need to get deals done. Fast

That’s something online retailer and digital marketing business Roxoa Group banked on in November, when there were only nine days for a transaction that usually takes several weeks. We pulled out all the stops and completed the investment just in time to fund their profitable Black Friday marketing campaign.

Sometimes you just need to get deals done. Fast

That’s something online retailer and digital marketing business Roxoa Group banked on in November, when there were only nine days for a transaction that usually takes several weeks. We pulled out all the stops and completed the investment just in time to fund their profitable Black Friday marketing campaign.

The investment was a huge boost for our business and we’re delighted to have succeeded even though time was against us. Black Friday was fantastic as a result and sales increased by 20% on last year’s performance. The service from Muckle LLP has been exceptional. The process couldn’t have been smoother. Matt Silversides, Managing Director of Roxoa Group

The investment was a huge boost for our business and we’re delighted to have succeeded even though time was against us. Black Friday was fantastic as a result and sales increased by 20% on last year’s performance. The service from Muckle LLP has been exceptional. The process couldn’t have been smoother. Matt Silversides, Managing Director of Roxoa Group

Sound investment

8

Ryan Maughan, Managing Director of AVID Technology

The investment builds on the success of our fantastic team and will allow us to further develop our engineering and manufacturing capabilities. In our business, efficiency is key, and we really value Muckle’s ability to take complex challenges in their stride and deliver a smooth client experience.

We helped AVID Technology complete a £3.4m investment, earmarked for ramping-up their engineering and manufacturing capabilities.

Cramlington based AVID design and manufacture electrified vehicle powertrain systems, which are used to improve conventional engine efficiency.

The automotive clean-tech firm went on to be named as one of 20 UK consortia in a £20m government project to improve air quality, vital to securing the nation’s health.

£3.4m investment

Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

Sound investment

9

£20m Refinancing

We are now ideally positioned to accelerate our growth and further develop our reputation as a company that delivers. We are very optimistic about the future. Norman Kenvyn, CEO of VFS Legal Funding

City quality advice, without the price

Our large team of dedicated corporate finance lawyers can offer the same specialist expertise as City law firms without the City cost. We have acted for a number of London based businesses, including VFS Legal Funding, who we advised on a £20m restructuring and refinancing. The law firm financiers were able to reduce costs and maximise their growth as a result.

Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


We are now ideally positioned to accelerate our growth and further develop our reputation as a company that delivers. We are very optimistic about the future. Norman Kenvyn, CEO of VFS Legal Funding

10

Adding new products. Expanding national coverage. Cornering the market. Whether it’s a merger or an acquisition, we’ve helped companies of all sizes grow, or realise years of hard work when the time is right to sell.

We have worked with Muckle for a long time and always relied on their corporate team to deliver. This transaction has been another good example of their top quality service. By merging Business Travel's specialist expertise and loyal client base with Hays Travel's size and state-of-the- art technology, we should have the right kind of platform to grow the corporate travel part of the business significantly.

John Hays, Managing Director of Hays Travel

Acquisition of Business Travel

Good to grow or time to sell?

Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

Longstanding client Hays Travel branched out in 2016 when it acquired Gateshead based Christine Nugent Business Travel. The UK's largest independent travel agent kept the Business Travel brand and took on their entire workforce.

11

John Lord, Group Sales Director of Rosewood Packaging

We worked closely with Adam Rayner from the corporate team and would like to thank him, Philip Clare and the rest of the Muckle team for their diligent and professional approach.

Acquisition of Scott Packaging

The law firm of choice for North East businesses and beyond

We helped Tyneside-based Rosewood Packaging acquire their sixth manufacturing facility, Scott Packaging in Manchester. The family owned manufacturer of timber and corrugated packaging increased their national presence and product range as a result.


Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


12

We helped business owners to sell their companies at the right time, including Brian Jobling, who sold Grasp (UK) in March. Grasp developed the software behind Atom Bank’s mobile app. Atom is the UK's first digital-only bank and purchasing this North East software business allowed them to grow their in-house capability to develop their app.


It was great to work with Hugh and Adam once more. This has been another exciting project and I’m proud to play an important part in building the virtual shop front for the UK’s newest bank.

Brian Jobling, Managing Director of Grasp (UK)

Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

Legal support on time and on budget

That was something Geof Biggins and Phil Hyde appreciated when we helped sell their shares in software business Glowsoft to Mandata (Management and Data) Services. Cramlington based Mandata grew by purchasing the software company it already part owned.

After working with Muckle previously, I was very impressed with the team’s professionalism and expertise across a range of legal fields. Their team is able to complete deals on time and on budget. Yet again, it was a seamless transaction.

Geof Biggins, Glowsoft

13


Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


14

Marc Robertson started Northumberland Cheese in 1984, growing the business to become one of the region’s best known brands. In 2016 we helped the shareholders and directors realise over 30 years of hard work by selling the firm to Bradbury & Son Ltd. We also helped Marc ensure that his employees would continue to have a stake in the company, which now has new opportunities as part of this larger group.

The advice and client support provided by the Muckle team was of the very highest professional standard. They handled the detail and many complexities of the transaction in a very efficient manner, while ensuring that we were kept fully informed and involved. Once the sale had been completed, the shareholders and directors were in no doubt that we had achieved the very best result.

Marc Robertson, Founder of Northumberland Cheese


Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

15

We found the Muckle team to be highly efficient and easy to work with, even though we are based in different countries. Their focus during the sale of one of our businesses showed how skilled, capable and professional they are.

Jens Lambrecht, Director of Corporate Development, Südzucker

Good to grow or time to sell?Newcastle is our home, but we operate all over the world

We helped Südzucker, one of Europe’s largest sugar producers, raise their stake in global commodities trading company ED&F Man Holdings, advising on their acquisition of an additional $91m shareholding investment. We also helped a Belgian subsidiary of the German sugar giants sell the Scottish based James Fleming & Co. to a Dutch buyer. One deal. Lots of countries.

Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


16

We are used to helping companies grow, but business can be unpredictable. So it helps that we are also experts in helping companies reorganise, work smarter and maximise their potential.

Smart business

Muckle LLP did an excellent job on an extremely complex transaction. We found the team easy to work with, friendly and professional. By working so well with our accountants they delivered the legal documents for the demerger with little input from us which made the whole process easier.

Nathan Ward, Managing Director of Ward Bros (Steel)

Ward Bros (Steel) is one of the region’s largest scrap metal specialists, established over 40 years ago and last year we helped implement a tricky demerger of the group. The process involved a number of complicated steps. Now their new improved structure helps the group operate more efficiently. It could also help protect the family-run business for generations to come.

Andrew Davison



Stephanie Brown

Trainee Solicitor

Philip Clare

Partner

Sarah Forster

Associate Solicitor

Jennifer Hirst

Associate Solicitor

Adam Rayner

Associate Solicitor


Trainee Solicitor

Kate Newman

Trainee Solicitor

17

Smart businessProfessional, friendly and responsive

Trivselhus - the leading Swedish prefabricated wooden house builders - are establishing their brand in the UK. We helped them complete a series of joint ventures and advised on setting up their UK group. With these new strategic partnerships in place, Trivselhus were able quickly to create groundbreaking residential housing developments across the UK. Now their energy efficient homes are winning over customers and selling fast.

There is clear blue water between this team and their competitors. They’re always available when I need them and are fantastically professional, friendly and responsive, despite the complications of language barriers and different legal concepts in Sweden. Muckle are definitely a notch above the other firms I have used in the region.

Ken Forster, Managing Director of Trivselhus UK

There is clear blue water between this team and their competitors. They’re always available when I need them and are fantastically professional, friendly and responsive, despite the complications of language barriers and different legal concepts in Sweden. Muckle are definitely a notch above the other firms I have used in the region.

Ken Forster, Managing Director of Trivselhus UK

Hugh Welch

Senior Partner

Mike SpetchPartner

Janine Slesser

Trainee Solicitor

Sam Roberts

Trainee Solicitor

Amy Wanless

Associate Solicitor



Adam Rayner

Associate Solicitor

Matthew Walsh

Associate Solicitor

Annik Young


Swedish nuclear specialist Studsvik AB is a global player in the energy sector. We helped reorganise their UK consultancy and waste management operations - which would operate more efficiently as separate businesses. Dividing assets is never easy, especially in the nuclear sector. And thanks to our expertise, Studsvik later sold their waste management business without any historical risks attached.

18

The Muckle team worked very closely with us and our Swedish parent company. They had an excellent understanding of the energy sector and could bring in specialists from the firm’s commercial, real estate, intellectual property and employment law teams when needed. The service was impeccable. It meant that we were perfectly positioned to sell our waste management business knowing the restructure was completed in the most risk averse, tax efficient way possible.

Paul McDonald, Vice President - Operations, BA Consultancy, Studsvik

Smart business

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Smart business Here to help - give us a call

Philip Clare Partner

T: 0191 211 7971M: 07776 208 245

[email protected]

PALisa MacDonald

T: 0191 211 [email protected]

Andrew Davison Partner and Head of the Corporate Team

T: 0191 211 7950M: 07802 558 693

[email protected]

PAKristy Johnson


Mike SpetchPartner

T: 0191 211 7906M: 07785 626 685

[email protected]

PANicola Bache


Anthony Evans Partner

T: 0191 211 7961M: 07986 295 316

[email protected]

PANicola Bache


Hugh Welch Senior Partner

T: 0191 211 7903M: 07831 675 547

[email protected]

PAKaren Young


Muckle LLP

@MuckleLLP

Time Central, 32 Gallowgate, Newcastle upon Tyne, NE1 4BF | DX 61011

Tel: 0191 211 7777 | Fax: 0191 211 7788 | www.muckle-llp.com

Certificate No. EMS 558231

corporate review - muckle llp · annik . young corporate compliance . assistant we are delighted...

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