Late last year we were engaged by a small group of individuals who were looking to buy a crane hire business in the South West of England. They had some capital of their own but were looking for an outside investor to provide the bulk of the funds.
Within our network, we found the right investor who happened to be active in this sector in another part of the country. Terms between our client and investor were agreed and a deal was struck with the vendor. During due diligence the terms changed – as so often happens – and whilst this was going on the bank became reluctant and long story short, the deal fell away.
However, our client and investor decided shortly after to set up newco which was duly established in a location very close to the original company.
We understand the total deal value including asset funding is in excess of £2 million.
We wish them all the best for the future.