BUSINESSNEWS
ROGERS’ RETIREMENT: CEO ANNOUNCES PLANS TO STEP DOWN
WARRIORS APPOINT NEW DIRECTOR OF RUGBY Steve Diamond will become Warriors’ Director of Rugby from the end of this season on a two-year contract. Diamond was appointed Lead Rugby Consultant in November and he will continue in that capacity for the remainder of this season before succeeding Alan Solomons as Director of Rugby when Solomons retires from coaching at the end of June. Diamond will take charge of the rugby programme immediately with Solomons providing support as needed. “Having taken the time to work with Steve in his role as a Lead Rugby Consultant, it was the logical decision to offer him the role as Director of Rugby for the next two seasons.” said Warriors co-owners Colin Goldring and Jason Whittingham.
“It’s time for the next generation to step up and shine.” That’s the message from Paycare CEO Kevin Rogers as he prepares to step down from his role.
“Steve is an experienced and proven Director of Rugby with the qualities needed to take the club to the next level and achieve our ambitions of competing at the top end of the Premiership.
He is set to continue in post for now, but to ensure a smooth handover Kevin made the announcement to his team so they can begin preparing for his departure later in the year.
“We have invested a great deal into ensuring we have all the right ingredients for the club to reach its full potential.
Kevin is expected to leave later in 2022 once the new management team is authorised by the organisation’s financial regulators, and intends to spend more time concentrating on his roles as Chair of Wolverhampton Foundation and Trustee of Wolverhampton LGBT+ - with a few rounds of golf planned too!
“We have unwavering confidence in the strength of the players and the ability of the club to achieve that goal. We will continue to do everything we can to achieve it.” Diamond, who played more than 350 games for Sale in a career that spanned the amateur and professional eras, has a proven track record as a coach with Sale, Saracens and the Russia national team. www.warriors.co.uk
Anthony Burns, Paycare’s current Commercial Director will be following Kevin in the role of CEO subject to regulatory approval. www.paycare.org
BRIDGING THE GAP – DEFERRED CONSIDERATION IN ACQUISITIONS Many business sales are structured with part of the price being deferred - often to bridge the gap between sellers’ expectations, and buyers’ views on valuation and risk. Deferred consideration comes in a variety of forms, such as cash, loan notes, shares, earn-outs, retentions and completion account adjustments. A savvy seller should ensure the buyer provides security in respect of any deferred consideration. Legal charges, debentures and personal or company guarantees are often used as a way of providing security for the outstanding
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deferred consideration, which should fall immediately due on non-payment, an insolvency-type event, or a change of control of the buyer. A seller should also retain some control over the buyer’s running of the business sold until the entire deferred consideration is paid. These controls can include restrictions on spending, borrowings, salary increases, and obligations to keep the target business and its trading intact. For more information, readers can email Daniel Southall at mfg Solicitors through daniel.southhall@mfgsolicitors.com. www.mfgsolicitors.com
March/April 2022
