Western Morning News Deals Review 2014

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Deals Review

2014

Your detailed guide to the Westcountry’s deals: mergers, acquisitions and sales

Deals

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Corporate Finance Specialists www.francisclark.co.uk/dealmakers

2 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS

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Firms face a ‘revolving door’ in the grant system Francis Clark corporate finance director Dave Armstrong talks about the confusing grant system of 2014

There are two themes evident when looking back at the grant regime during 2014. Firstly, the grant environment was like a revolving door – as one scheme opened another closed. Secondly, here we are at the start of 2015, i.e. year 2 of the 2014-2020 European Programme, and there is still a lack of visibility in terms of how the £710m the region has secured will be spent and how the region’s businesses will benefit.

Continuing the trend highlighted in the 2013 Deals Review, in a period where access to funding remains challenging, there is an increasing range of grant schemes available. However, what has been different to last year is that, with a few exceptions (the Assisted Asset Purchase Scheme being an obvious one) few, if any, grant schemes were open for the whole of the year, with many opening for just a few weeks at a time.

The Regional Growth Fund (“RGF”) remains the largest source of grant funding, with companies either applying directly to the UK Government for larger amounts or through programmes operated by various organisations for smaller grants. We were very pleased to help Becton Dickinson secure £2.5m of RGF towards the production of a new blood collection tube which will create and safeguard some 170 jobs in Plymouth.

Another scheme which was available for part of the year was the GAIN Growth Fund+ (“GGF+”), part of the Plymouth and Peninsula City Deal. As with predecessor schemes, such as the Plymouth and Western Morning News Growth Fund, this scheme was vastly oversubscribed with 32 companies successfully applying for the £3m fund with 480 jobs forecast to be created by March 2016.

The year ended with completion of the first round of the

Cornwall Marine Capital Fund and imminent start of the North Devon+ Unlocking Business Investment (“ND+ UBI”) Scheme. These are RGFbacked schemes totalling £6.5m, which are similar in format to the GGF+, and will no doubt be over-subscribed.

The disappointment during 2014 was the ongoing delay to the launch of the 2014 – 2020 European Programme and details of how the region has received will be invested – including what financial instruments, including grants, will be used to distribute this funding. In last year’s Deal Review we commented that ‘Draft investment programmes have been prepared with final sign off due in early to mid-2014.’ Well informed sources are now suggesting it

710m the

‘The Regional Growth Fund remains the largest source of funding’ Dave Armstrong will be towards the end of 2015 before companies can access this funding. The funding is there – so why the delay?

So, what about 2015 – what will the grant regime look like? There is no doubt the revolving door approach will continue, and the early part of the year will be busy with the launch of schemes such as ND+ UBI. There will be a lull whilst the Election takes centre stage but there is talk of a larger GGF+ type scheme likely to be announced during mid-2015.

The forthcoming election may have some impact as the RGF is an initiative developed by the Coalition Government.

The scheme has its opponents, particularly within the Opposition, with criticisms including the length of the appraisal process and poor value for money. However, it has been

Top: John Hutchings, grant manager for GAIN, with Rory Kindlon, co-founder and chief financial officer of Intelligent Optimisations, who have received a grant from GAIN. Above: John Hutchings with Chris Pratt, MD of Elecsis Switchgear, Nick Messarra, business development director

credited with creating/safeguarding c100,000 jobs to date so its imminent future is safe.

In fact, one criticism is that the actual investment by companies is well behind forecast which we believe may lead to the under spend being used for a further RGF Round in late 2015, particularly if the Conservatives are in power.

The £3.2bn RGF has helped 8,000 companies to date and further demonstrates the role grants ‘play’ in stimulating economic development, particularly for our local SMEs. All eyes now rest on the LEPs and how they will distribute the European Funding available. Their future is safe – the Labour Party stated in May 2014 that local economies cannot withstand another upheaval of their local growth infrastructure. However, increasing questions are being asked by the local business community as to why there

has been such a delay in unlocking this funding. How buoyant 2015 will be for local businesses is partly dependent upon unlocking this funding – we wait with bated breath.

Much of the above is beyond the control or influence of business leaders but one constant which remains controllable is preparation for a grant application.

This is vital for any fund raising exercise but, given the revolving door nature of the current grant regime, it is arguably more important than ever.

Almost all grant schemes are over-subscribed and competitive so when you have a project that could be supported by grant and a grant scheme opens its doors, the better prepared you are and the quicker you are able to act will impact on your potential success.

Corporate Finance Specialists Real transactional experts in

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 3

2015 General Election will play pivotal role Welcome to the 2014 WMN Deals Review, sponsored by Francis Clark Corporate Finance.

This year we have used data from the independent Experian MarketIQ database for the first time to produce the Review. As this database covers deals throughout the UK, this allows us to better compare results for the regions. It is therefore very pleasing to see that deals undertaken in the region have increased by some 25%+ in 2014, which is higher than any other region in the UK. Of specific interest was a large increase in Management Buy Outs. It is clear from the deals in the database that the South West is a hot bed for MBOs with a higher proportion than other regions and a faster growth rate in the number of deals done. At the start of this year, I thought 2014 would be the year of the MBO and there has been a number of high profile MBOs in the SW including Ministry of Cake and Sutton Seeds.

Continuing the good news,

Francis Clark corporate finance partner Andrew Killick introduces the Deals Review and talks to Westcountry advisers about their views of the future the number of deals undertaken by advisors in the region increased by some 40%. Although some of these increases might be due to better reporting, this activity level is reflected by feedback from advisors and funders in the region.

Matt Stoate from Foot Anstey said: “It certainly has been a busy second half to 2014.

An improving economy has led to increased appetite for growth and finance is available now from a number of sources to match demand. Accordingly the deal pipeline for 2015 looks healthy.� Richard Cobb from Michelmores said: “Our AIM and listed plc practice has been booming on the back of new issues and IPOs

and more deal activity – we hope to see the improved confidence in the stock market in 2014 continue and particularly look forward to one or two pipeline deals with a Westcountry angle making it to market in 2015.�

This increase in deal volumes demonstrates the quality and breadth of advice available locally – long may this continue.

The funders were equally positive, Paul Chadney from Santander said: “We have seen a marked upturn in corporate finance activity in the second half of 2014 and built significant pipeline going forward into 2015.�

Charles Davey from NatWest

Structured Finance added: “2014 has been a positive year for transactions with more businesses seeking finance for M&A and Investment.�

Equity funds continue to only be used in a minority of deals, but providers were also reporting a good year. Guy Davies from WestBridge Capital said: “The Westcountry has a large number of strong and well managed businesses and consistently provides a small number of high quality transactions.� Simon White from Altitude Partners agreed saying: “The region’s deal market has had a busy year at the smaller end, driven by a strong advisory base that is seeing growing activity amongst the region’s smaller companies.�

Energy and renewables remains a very active sector – Henry Maples from Murrell Associates: “We have seen a steady increase in corporate finance transactions in 2014, particularly in the renewable energy and marine sectors.�

Simon Morris from Stephens Scown said: “Activity levels

within the renewables sector remain very high and this is against the backdrop of uncertainty that the General Election in May brings with each of the main parties having very different thoughts on the green economy.� Further thoughts on finance in this sector are set out later in this Review.

Looking outside the region,

‘It is clear that the South West is a hot bed for MBOs’ Andrew Killick 2014 was an interesting year for deals globally. Global “mega� deals such as the proposed Pfizer takeover bid for AstraZeneca have made the national headlines and mega deals that actually completed have driven significant increases in the total value of deals. However, from economic recovery to years of austerity ahead in the UK, continued ex-

pansion and boom in the US, sudden slowdowns in China and the collapse in oil prices, it continues to be difficult to predict the future with any real certainty.

Despite all of the issues in 2014, there was probably more confidence, certainty and stability than we are likely to see in 2015, with the May Election being pivotal. The uncertainty around this and the possibility of a rainbow coalition with unpredictable economic and tax policies will encourage shareholders and management teams to complete sales, MBOs and other relevant deals before May 2015.

What happens after the Election will be dependent upon whether the new Government sets out clear and consistent policies which result in strong confidence, or if uncertainty is created. A wide range of sectors including healthcare, education, construction, energy and defence could all be significantly affected by the outcome of the Election, creating differing opportunities or challenges.

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Corporate manufacturing, renewables, recyclingFinance and foodSpecialists and drink

4 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS

New equity funded bingo firm launched A new equity and debt-funded bingo company has seen the light of day following an eightfigure deal.

Majestic Bingo acquired two businesses this year, providing a total club portfolio of 15.

The firm was advised on the deal by Westcountry-based Milsted Langdon.

The accountancy firm provided Majestic with input on valuation and negotiation as well as providing financial due diligence and projections modelling to give clarity on the key metrics of the deal to debt and equity funders.

Majestic Bingo’s managing director Mark Jepp said: “This is an exciting opportunity to bring my years of industry experience and offer a fresh approach to a highly popular leisure activity.”

Susannah Adams, corporate finance partner at Tauntonbased Milsted Langdon, added: “This was a challenging transaction, but very enjoyable. It is a great example of a collaboration of expertise to achieve a highly successful outcome.”

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North Devon firm in Singapore deal

Consumer communication company Bray Leino from North Devon has strengthened its East Asia position by acquiring a Singapore company A consumer communication company from North Devon has strengthened its South East Asian presence after acquiring a majority share in a Singapore firm.

Bray Leino based in Filleigh, North Devon, part of the The Mission Marketing Group plc, acquired 70% of the digitally-led marketing services agency group Splash Interactive.

With offices in Singapore, Shanghai, Hong Kong, Malaysia and Vietnam, the acquisition will see Bray Leino rebrand its Asia-Pacific business as Bray Leino Splash.

The North Devon company said the deal, facilitated by Mark Greaves of Francis Clark, Legal Solutions and Kennedys, will help position the firm closer to its client base in the Asia Pacific region of the world.

Poppy Robinson, Mission agency Bray Leino’s regional director in Singapore, said Splash was “the perfect fit for us” and that the acquisition will work “on many fronts”.

She added: “On the one hand, Splash will work closely with our digital teams in our UK agencies to provide resources.

“On the other hand they will represent the many agency clients who are eager for us to deliver our services in the East Asia region.”

Splash have already been working with a number of companies in the Asia-Pacific region including local and multi-national banks such as Citibank.

Lee Kuok Ming, Splash CEO, said: “We had been looking to partner with a European Group for some time and had received a number of offers

but this one really worked for us.

“The synergies are unlimited and we believe that with the help and resources of Bray Leino and The Mission we can develop our business far quicker than it would have been the case on our own.

“We have been working with Bray Leino and the results of those projects have been most encouraging.”

David Morgan, group chairman for The Mission, which he predicts will grow to become a £200m turnover business in the next five years, said: “This is a truly client-led initiative in that for a number of our clients are already delivering campaigns in the region.

“This acquisition can only help them benefit from Splash’s market knowledge and region reach.”

Genghis Midco buys two companies Genghis Midco, a wholesale trader of motor vehicle parts and accessories, expanded dramatically in 2014 with the acquisition of two companies.

The firm, backed by private equity company HgCapital bought Parts Alliance and Worcestershire-based Bromsgrove Motor Factors.

Parts Alliance is an industry leader in the automotive buying and distribution groups in the UK and Ireland.

Consisting of strategically located distributor companies, it specialises in the national and local supply of manufacturer branded products and support services with an annual group turnover of

more than £365 million. The Parts Alliance customers range from independent garages to multi branch workshops and fast-fits, and they are served by a fleet of more than 1,600 vehicles and 3,300 staff across the membership.

The acquisition of The Parts Alliance is the first transaction Westcountry-legal firm Foot Anstey completed for Genghis Midco or any other HgCapital backed company, with Bromsgrove Motor Factors, following 11 weeks later.

The Parts Alliance’s new CEO Peter Sephton said he was excited to be welcoming new colleagues from BMF to the

Parts Alliance group ‘family’.

He said: “Bromsgrove Motor Factors is a great business with outstanding customer and staff loyalty, providing local service in the Worcestershire area, and adds to our national strength. This deal is an early demonstration of our declared aim to grow quickly, both organically and through the acquisition of successful parts distributor companies, large and small.”

Matt Stoate, head of Foot Anstey’s private equity group, which advised on the two transactions, said: “We were delighted to be involved with these two acquisitions in a short space of time.”

Corporate Finance Specialists We can advise you on the real value of

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 5

Earth station ready to listen to the stars A famous telecommunications earth station is set to boost the UK’s space industry once more after receiving new investment.

Goonhilly Satellite Earth Station near Helston on the Lizard Peninsula played a key communications role in the 1969 moon landings.

In March 2014, it was bought with an initial £3.8 million in venture capital funding from investment spe-

cialist Downing. With Downing’s backing, the management team now plans to expand satellite control operations at the Cornwall site and upgrade its instruments in anticipation of increased demand as the UK space industry expands.

The company said the introduction of solar panels, the establishment of a data centre and refurbishment and reopening of a space-themed

tourist attraction may also be pursued in the future.

Financial firm TLT advised venture capital firm Downing LLP in its investment of Goonhilly Earth Station.

As a result of the significant investment, Goonhilly Earth Station is preparing to play a larger space industry role once more and could benefit from the UK Government’s aim to triple the size of the UK space industry in the next 20

years.

The UK space industry is currently valued at £9bn and supports some 30,000 jobs.

Corporate associate Peter Naylor led the TLT Team and was supported by banking and finance partner Gary Roscoe and commercial property solicitor Edward Pitt.

Downing LLP specialises in the management of tax efficient investment products and this investment supports

the development of a space science centre creating new economic opportunities in the region.

Jonathan Boss, a partner at the firm said: “This is a very special deal. The antennae on the site are incredibly capable, and with our funding the team plans to add to their capability.

“There are well-developed plans to convert at least one of the antennae, which have his-

torically all been used for communicating with orbiting satellites, into a radio telescope for looking deep into space.”

TLT’s Peter Naylor said: “Our client’s investment in Goonhilly provides excellent growth potential for the UK’s space industry. We are delighted to have advised on this significant deal, which is of economic importance to the South West.”

Brixham towage company expands global reach with Australian merger

Automotive precision coils maker bought out by former china clay firm

A Westcountry towage firm has expanded its reach across the globe after merging its fleet with an Australian company.

Brixham and Falmouthbased Marine & Towage Services merged with Bhagwan Marine Pty Limited of Western Australia in a deal brokered by South West firm Murrell Associates.

The corporate and commercial legal team at Murrell Associates helped Jon Parslow sell his shareholding in the company to Bhagwan Marine Pty Ltd while he remained in post as Marine & Towage’s MD

A company which manufactures precision coils for the automotive industry has been acquired by former china clay giant Goonvean Holdings.

The purchase of Brauntonbased North Devon Electronics is the third acquisition for Goonvean.

Bosses at Goonvean said the undisclosed deal, facilitated

by Francis Clark Corporate Finance, Foot Anstey, BDO and Clarke Willmott, was part of its expansion plan to “make acquisitions of profitable businesses with robust management structures, with very few sector limitations”.

and became a shareholder of the global Bhagwan Marine group.

Following the transaction Marine & Towage’s fleet, which currently operates throughout Europe and as far afield as South America, Southern Africa and the Middle East, combined with Bhagwan’s fleet of around 140 vessels specialising in serving the oil, gas and resources industries, aim to create a truly global marine services company.

Mr Parslow said: “The Murrell Associates’ team has built up an in-depth knowledge of

Marine & Towage over the years. Knowing that the team was available to support me throughout this transaction, combined with that specialist expertise in this field, has proved to be invaluable.”

Marine & Towage Services provides a wide range of marine services from towage, salvage and civil engineering support to ships agency and pilotage. Hugh Murrell who helped with the transaction said: “We look forward to continuing to assist Jon and his team with the growth of the European arm of what is now a global enterprise.”

Since starting trading in 1973, North Devon Electronics has developed a reputation for the production of high quality, reliable coil wound components using both automated and labour intensive production processes.

The acquisition is the next step for Goonvean Holdings who, since the divestment of its china clay business in 2012, have also made acquisitions in label manufacturing and aggregate supply businesses.

Goonvean Holdings’ managing director Andrew McGowan said the company had a clear plan and funding

in place to make further acquisitions of profitable businesses with robust management structures, with very few sector limitations.

He added: “NDE is a great fit for our group due to its impressive track record, strong management team and enviable customer base.

“The acquisition is a clear indication that we are committed to our growth through acquisition strategy and we are always looking for steady state, profitable businesses with a strong management team to integrate into our diversified group.”

Corporatethis Finance Specialists your business and how to maximise in a sale

6 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS

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Limitless Earth in successful AIM floatation An investment business, with a strategy of creating a portfolio of companies whose growth and success is linked to the world’s changing demographic situation, has successfully carried out its AIM listing with help from a Westcountry law firm.

London-based Limitless Earth Plc was advised by Michelmores corporate finance team to complete the stock market floatation.

Limitless Earth has joined AIM with a ÂŁ3.2 million listing. The business has been founded to make investments in companies, either through controlling or minority stakes, where changing demographics are an important driver of growth.

Investment opportunities include renewable energy firms, as bigger populations use up more resources, or dietary supplement and healthcare providers, helping aging societies keep fit.

Corporate finance partner Richard Cobb, led a team from Michelmores’ London and Exeter offices.

Dave Armstrong and Mark Greaves from Francis Clark, Adam McKenna form Foot Anstey and David Robinson and Rufus Roberts From Suttons Seeds in Paignton

Household name Suttons Seeds in management buyout

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Bosses at a leading South Devon horticulture supplier have announced a management buyout.

Suttons Consumer Products Ltd in Paignton has been taken over by new managing director David Robinson, who was commercial director for three years, and Rufus Roberts, operations director.

French parent company, multinational cereal firm Limagrain has financially backed the deal but will no longer be a direct owner even though it will remain an important trading partner.

The value of the deal has not been disclosed.

The buyout involves retail and consumer brands Carters and Dobies of Devon.

Suttons, a ÂŁ14 million business employing 107 people, will continue to operate from its current facilities in Paignton.

The company is one of Torbay’s largest employers. In June this year, 18 staff were made redundant due to a “changing marketplace�.

Mr Robinson said: “Suttons has plans to launch innovative and new products, for both our faithful as well as new and budding customers,

as we continue to focus on both direct to consumer and retail markets. “Suttons is an exceptional household brand widely recognised for quality. Watch this space, innovation is the key.�

Bernard Bejar, the recent managing director of Suttons, who was instrumental in the transition towards the MBO,

‘Suttons is an exceptional household brand’ David Robinson is expected to return to Limagrain in France.

Limagrain has actively contributed to the management buyout to secure the future of Suttons.

Torbay Council and the Torbay Development Authority have also facilitated and supported the deal.

A Limagrain spokesman said: “It is a significant agreement that combines the desire for Limagrain to find the right future for Suttons and the goals of Torbay Council to

retain and promote business in the area. “This deal ensures continued employment and growth for Suttons as well as providing a springboard for new business.�

Limagrain has grown rapidly in recent years to be a world leader in the seeds and cereals industry. The directto-consumer activity of Suttons became less central to its expanding core business and focus. “However, as a French cooperative of grower farmers with a strong corporate social responsibility ethos, Limagrain has sought a strategic solution which will optimise the future prospects of Suttons, especially for its employees.�

Mark Greaves, corporate finance partner with Francis Clark which brokered the deal, said: “This is a critical next step in the evolution of Suttons, returning it to independent, local ownership.�

Duncan Sykes, corporate partner at Foot Anstey, which also helped make the deal happen, added: “We were delighted to be involved in this transaction involving this significant regional business.�

Corporate Finance to Specialists We have the experience successfully

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 7

Otter Nurseries grow Torbay site

Indian online fashion brand in AIM listing

An iconic garden centre company is celebrating its 50th anniversary with plans for further growth.

Otter Nurseries expanded its presence in Torbay with the acquisition of two adjacent nursery businesses.

The deal included the acquisition of both as ongoing concerns, incorporating business and goodwill, staff and stock.

Part of the transaction involved joint trading arrangements to ensure the smooth transition of business.

Stones Solicitors LLP which helped with the deal said the result was a site which is three times the size of the company’s previous Babbacombe Road business with additional land to grow plants, and with the addition of a café to complete the customer experience.

The Otter Nurseries team was supported by commercial and property legal experts at Stones, who completed the three elements of the deal all on the same day.

The team at Stones helped Otter Nurseries to release themselves from their business lease at Babbacombe Road which has now been taken over

by The Range and purchased two neighbouring nurseries as ongoing businesses – Styles Garden Centre and the adjoining production nursery.

The new Otter Nurseries site offers customers a wider and more extensive range of products and services, while at the same time contributing to

An Indian fashion advice e-commerce company is now a £36 million valued business following a successful listing on the London AIM market.

Koovs Plc, which is chaired

by Lord Waheed Alli was oversubscribed by investors when it made its entry onto the AIM market of the London Stock Exchange.

The placing helped raise £22 million (before expenses), giving a market capitalisation on admission, back in March 2014, of approximately £36.2 million.

Lord Alli said: “This successful fundraising has marked an important step in our mission to build Koovs.com into India’s leading digital fashion website.

“Success does not come overnight, but we are confident that with a team that is passionate about fashion and online, offering the best UK and international brands and collaborations, together with exciting own-label collections, we have the right foundations in place to capitalise on the exciting e-commerce opportunity in India.”

Koovs India was established

‘This fundraising is an important step for Koovs’ future’

Malcolm and Marilyn White, directors and founders of Otter Nurseries the local economy and jobs market.

Eleanor Rayner, head of Stones’ commercial team, said:

“We are delighted to have been able to help such an important regional business expand its operation in Torbay. The bene-

fits to the business and to the local economy will be immense.

“For us it was a good oppor-

tunity for us to combine our commercial, employment and property expertise on one significant deal.”

Plymouth wealth management firm expands with double acquisitions Wealth management company Succession Group has expanded its portfolio with the acquisition of a handful of companies.

The deals bring the Plymouth Science Park-based company’s total number of acquisitions to 10 in 2014.

LRH Wealth Management, a family office based in Halifax, was acquired for a consideration of more than £3 million. It was founded in 2007 and joined Succession as a member firm in 2010 while managing more than £100 million of client funds.

Doe & Davies was acquired for almost £5m. Now trading as Target Wealth, the business joined Succession Advisory Services as a member in 2009. It manages £120m of client funds, and provides financial advice to private clients, families, business owners, charities and trustees with strong professional

connections and clients across the Northern Home Counties, East Anglia and London.

Succession Group was advised on both deals by Westcountry firm Foot Anstey.

Company CEO Simon Chamberlain said the Succession Group’s target was to acquire the best 50 firms from its membership with £7bn of asset.

He said: “We have accelerated our acquisition programme and are on schedule to acquire more wealth management businesses by year end, establishing a significant branded presence across the UK. “We have created a world class, vertically-integrated, financial planning service for private and corporate clients.

There is no-one else in the market-place with such an industrialised goal, working closely with wealth manage-

ment firms to grow, develop and realise the capital value of their businesses, providing certainty and security for business owners, staff and clients.”

LRH Wealth Management’s MD Keith Lyons said: “The whole team has been entirely engaged throughout the acquisition process and is excited about the opportunities for career development within Succession Group.”

Target Wealth’s MD Trevor Doe added: “The future of financial services is all about creating scale to give clients security, value for money and specialist support. We adopted Succession’s transition blueprint to ensure sustainable profits and to build capital value into our business.

“Today, our processes and systems are fully aligned, and our 26 strong team is welltrained and engaged, meaning we can move seamlessly

into Succession Group and be part of a national wealth management advisory brand.”

Succession Group also acquired Salisbury-based Hart Financial for a total consideration of £3.12m.

Hart was founded in 2003 and joined Succession as a member in August 2012 with a mandate to rapidly implement the consolidation model in readiness for acquisition.

Keith Hartland from Hart Financial Consultancy said: “We committed to implementing Succession’s transition programme within three months to ensure we were operating at our optimal level and to prepare for a seamless transfer to Succession Group at the point of alignment.”

Mr Chamberlain added: “Dynamic firms need to carefully consider their choice of partner in order to realise their ambitions. Our proven client-centric model enables

firms to build scale, develop compelling client propositions, as well as creating sustainability and profitability, and capturing shareholder value.”

2014 also saw Succession Group acquiring Cornerstone Lifestyle Financial Planning Limited and Hopkinson Associates with clients largely based in the North of England. The two firms have in excess of £100m of fund.

Terry Hopkinson, principal of Hopkinson Associates said: “This acquisition enables us to spend more time with clients, focusing on the things that matter for them, and preparing for their long term future with financial planners who share the same philosophy and use the same processes and systems, ensuring the same level of client care and seamless continuity when the time comes for my own retirement.”

Lord Alli in May 2010 as a general ecommerce business in India, operating through the website, Koovs.com.

A company spokeswoman said: “Koovs is the one-stop online fashion destination for all your fashion needs.

“Inspired by the international runways and the global street scene we offer wearable fashion at pocket-friendly prices, right to your doorstep.”

Since August 2011 it has been backed by the Nahata business family in India.

Koovs.com’s focus has been on fashion products and fashion related accessories when, in September 2012, Koovs plc, founded by Lord Waheed Alli (formerly Chairman of ASOS plc) and Robert Bready (formerly Product Director of ASOS plc), began to supply Koovs India with consultancy services in fashion design for an e-commerce business.

Matt Stoate, partner at Foot Anstey which led on the transaction, said: “It was a pleasure to witness a company from inception in 2012 to an IPO which valued the business at £36m after such strong investor interest resulted in the placing being over-subscribed.

“Joining AIM is a significant step in the growth of this business and it was great for us to be involved with such a key part of the process.”

Corporate Finance Specialists negotiate the pitfalls that can challenge your deal

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 9

2014: The year crowdfunding changed all Corporate finance director at Francis Clark Richard Wadman looks at the crowdfunding revolution born in the Westcountry 2014 – the year that Crowdfunding joined the mainstream: but is it relevant to deal makers?

One article I read recently on “crowdfunding” started by referring to the increased prominence of articles on crowdfunding in the Financial Times; from one in the whole of 2010 to more than 100 in the first nine months of 2014. Further, the article commented that the main thrust of the more recent articles has been on “crowdfunding for business” as opposed to donations.

So it looks like crowdfunding has moved from the margins into the entrepreneur’s consciousness as a relevant means of raising finance.

This conclusion is substantiated to a degree by statistics published as part of the “Understanding Alternative Finance” report issued in November of last year, which included: P2P Business Lending (Estimated funding of £749m raised in 2014, a 250% increase on prior year); Equity Crowdfunding (£84m: 410%) and Rewards Crowdfunding (£26m: 206%).

Two government initiated

actions have been sited as factors behind the growth.

Firstly, the introduction on 1 April 2014 of a revised regulatory framework to cover “crowdfunding” by UK’s Financial Conduct Authority (“FCA”) and secondly, the fact that through its “British Business Bank” the government is part funding some fund raising through the platforms.

This combination has arguably led to an increased confidence in the concept of “crowdfunding”. Whilst the main banks are more willing and able to lend to business, the idea of “crowdfunding” as a viable alternative or as part of a funding package seems to have been entrenched in the entrepreneurs mind.

We have seen first-hand the satisfaction a crowd fundraise can provide for an entrepreneur and the feeling of “public buy-in” to their idea that this implies. From the individual investor point of view the low savings rates, tax reliefs for some equity investments and the feeling of supporting entrepreneurism and/or buying into a brand remain active motivators.

Darren Westlake and Luke Lang, co-founders of the world leader Exeter-based equity crowdfunding firm Crowdcube We also saw a maturing of the crowdfunding offering during 2014, one prime example being the introduction of “mini-bonds” by Crowdcube. As Luke Lang, the cofounder of Crowdcube, advised us: “The introduction of Crowdcube Mini-Bonds, which allows people to lend to more established brands seeking growth capital, has also proven to be a hit with investors. Well-known organisations like Eden Project and River Cottage have both raised between £1m and £1.5m in a matter of hours as investors seek to earn fixed interest, up to 8%, while backing the brands they love. Research by Capita forecasts the mini-bond market to grow rapidly.”

Also, new in 2014 (and as predicted by Francis Clark) was the introduction of at least one portal for crowdfunding: UP, which itself raised start-up funds on Crowdcube.

So what is in store for 2015? I feel confident in predicting growth in fund raising across all platforms. I am seeing an increasing awareness of the platforms in discussions with clients and we have started 2015 with a Funding Circle fund raise of £104,000 which was fully funded in less than an hour.

Luke Lang of Crowdcube said: “Equity crowdfunding is proven as an effective option for British start-ups and earlier stage businesses seeking growth finance. Crowdcube’s

investor community has swollen to more than 120,000 and funded more than 100 businesses in 2014 who have collectively raised approaching £45m. The recent news that the UK Government is going to invest in London’s top startups through Crowdcube shows this trend is set to continue.”

On the crowdfunding rewards side, Crowdfunder’s MD, Phil Geraghty said: “The key spaces I think rewards based crowdfunding will be moving into are in businesses and events. There’s a real opportunity for B2C businesses to test new product lines and innovations on their market before committing to putting in initial orders. This can give them real time feedback and

reduces risk.”

In terms of relevance to “deals”, at one level I see that information being shared with the “crowd” is a potential barrier to crowdfunding being common in particular types of “business transactions”, for example MBOs and other transactions where confidentiality is paramount. Speed can also be an issue in terms of tying in the crowdfunded raise with other offers of finance.

There are some transactions where sharing information with the public may not be an issue like joint ventures, mergers and local company rescues, and by businesses with a strong track record wanting to to secure a “war chest” for acquisitions.

Taunton’s Ministry of Cake starts new chapter A £25 million cake producer has changed ownership following a management buy-out.

Headquartered in Taunton in Somerset, Ministry of Cake is a leading manufacturer of ownlabel cakes and gateaux, primarily for the food service market.

The business is the UK’s market leader in the production of chocolate fudge cake and has a diverse product range that includes some of the most popular desserts found on pub and restaurant menus across the UK. The firm produces more than two million slices of cake every week for its growing customer base that includes some of the leading names in the food service, catering and wholesale industries, such as Brake Brothers, 3663, Cafe Nero, Pizza Hut, Hard Rock Café,

Makro and Booker. First established in Yeovil in 1865 by sweet entrepreneur William Tanner Maynard, Ministry of Cake was acquired by Irelandheadquartered convenience food producer Greencore plc in 2007.

Having reported significant revenue growth in recent years, Ministry of Cake has an annual turnover of £25 million and employs more than 250 people in Taunton.

The management buy-out, led by Ministry of Cake CEO Chris Ormrod was supported by mid-market private equity provider LDC, which is part of the Lloyds Banking Group.

The deal was led by investment director Alistair Pendleton, supported by Pete Latham. Both joined the Ministry of Cake board as non-executive directors following the

May 2014 deal. Mr Pendleton said: “Ministry of Cake is a long-established market-leading business that is being driven by consistent demand for high-quality cakes and desserts by consumers in pubs and restaurants right across the UK. “We are partnering with a high-quality management team led by Chris Ormrod, who has considerable knowledge and experience in the food services market having enjoyed a long career in the food industry.

“The business provides a highly efficient service to its customer base, and is supported by a well-invested infrastructure at its operations in Somerset.”

Mr Ormrod added: “As well as increasing the pace of organic growth and building on our

position within our core UK market, we are keen to pursue appropriate acquisition opportunities here in the UK and in related product areas.”

The transaction was completed with support from a number of regional advisers including Bristol-based Momentum Corporate Finance who acted as lead adviser.

Osborne Clarke acted as legal adviser to LDC and Newco, while Burges Salmon were legal advisers to the management team. In addition KPMG provided financial due diligence while banking facilities were provided by HSBC in Bristol who provided a package of senior debt.

Alastair Boorman, partner at Momentum said: “This deal marks the start of an exciting new chapter for Ministry of Cake.”

Chris Ormrod, CEO of The Ministry of Cake in Taunton

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Westcountry schools merge in unique deal Two of the Westcountry’s most prestigious schools have merged in a unique deal.

The merger of Kelly College, Kelly College Preparatory School and Mount House School into a single foundation was completed, providing independent education to more than 550 children aged three to 18. The two Tavistock schools now operate under the name the Mount Kelly Foundation and has been described as one of the “most exciting developments in education in the South West for many years�.

The deal followed years of discussions between the two governing bodies, with the complex legal and financial requirements for the establishment of the new foundation being completed by Michelmores Solicitors and Francis Clark who advised Mount House School, Bishop Fleming and Foot Anstey, who acted for Kelly College. Christopher Snow, the chair of governors for Kelly College, said: “Mount Kelly is one of the leading coeducational and boarding schools in the South West.�

Mark Champion partner with Isca Ventures, Jason Evans sales director MK, Mike Threlfall, technical director MK, Paul Carter, executive chairman MK

Aerospace electrical company in major management buy out

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A global provider of automated electrical test solutions to the aerospace, rail and the oil and gas industries has been taken over by its own management team in a ÂŁ20 million deal.

Taunton-based MK Test Group provides software and systems used in the production and maintenance of all aircraft in the Airbus range as well as the Boeing 767, 777 and 787 models.

The increasing use of electronic systems in aviation sector and the order backlog in commercial aircraft, is leading to accelerating production schedules demanding automated testing solutions for efficiency and safety.

MK Test also supports the electrical testing of specialist vehicle manufacturers including rolling stock for the global rail industry as well as developing new products for the increasingly stringent testing of subsea oil and gas installations.

The business was established by founder Mike Threlfall in Somerset in 1992 and has built a reputation for market leading innovation, and developing long standing relationships with some of the largest global manufacturers.

Today MK Test sells into over 30 countries. The business continues to invest in the South West including recruitment of local apprentices to support its growth plans.

The buy-out was made possible by Synova Capital, a venture capitalist company, which invested ÂŁ12 million for a majority stake in the business to support its continued growth

‘We have invested in our technical development’ Mike Threlfall and accelerate the development of a number of advanced features and products.

Mr Threlfall said MK Test will continue to invest in its staff and open up new markets such as subsea oil and gas.

His new role is now to focus on product development while Jason Evans remains sales director.

As part of the deal Paul Carter (formerly a vice president at Rolls Royce and CEO of Premium Aircraft Interior Group) and Mark Champion

from Isca Ventures have joined the board of directors.

Isca Ventures acted as lead advisers to the transaction with Osborne Clarke, PwC and Roland Berger providing legal advice, financial due diligence and commercial due diligence respectively to Synova.

Michelmores provided legal and taxation advice to the vendors.

Mr Threlfall said: “We have built this business through continually investing in our technical development and a focus on providing innovative solutions for our customers. “There are huge opportunities for the business over the coming years in our existing and new markets coupled with a number of exciting new product developments. “With Synova’s expertise in supporting growth businesses we can really take advantage of these opportunities and continue to build MK Test as a world leader.�

Mark Champion, partner at Isca Ventures said: “We were delighted to act as the lead adviser within this transaction.

MK Test and Synova are a perfect combination for the next stage of the group’s development.�

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 11

Defence tech company in £12m buy out

2014 was a key year for the financing of solar farm and other renewable energy projects

Growing opportunities in standout year for financing to energy sector Last year was a standout year for the alternative finance energy sector with significant new funding sources becoming widely available and a broadening of opportunities for those seeking capital to build well thought through projects.

A growing familiarity in financial circles with the tariff regimes, structure of the energy market and specific project legal structures, coupled with a continued investor “hunt for yield” and a widening base of retail and institutional investors, allowed several funds to list on the London Stock Exchange during late 2013 and 2014.

Collectively such funds have raised hundreds of millions of pounds for investment in the sector and several funds have made substantial investments in the South West. For instance, Bluefield invested in solar farms in Devon and Somerset in July 2014, TRIG bought solar farms in both Cornwall and Dorset in August 2014 and Foresight bought a solar farm in Devon in April 2014 and Dorset in September 2014.

While listed equity provided much capital, non-listed funds, particularly those aiming to benefit from certain

Financing renewables: a year when the market woke up to the opportunity Bob Meier , Director of Energy and Sustainability, Francis Clark tax reliefs (the Enterprise Investment Scheme, EIS) also continued to be highly active with notable investments in the solar and anaerobic digestion (AD) sectors. Examples include Downing’s investment in several such AD plants near Tiverton and Exeter and Ingenious’ acquisition of several solar parks from Somerset’s British Solar Renewables.

Equity from non-tax advantaged funds included Eternity Capital’s investment in Cornwall’s first “green gas” plant in Cornwall which takes pig slurry and certain other feedstocks and converts its residual energy content to gas injected into the gas mains feeding Truro and elsewhere.

That EIS tax relief used by many non-listed funds was also used on some of the most innovative fundraises of the year – the raising of equity by energy co-operatives to fund

investment in projects in the South West.

For instance, Plymouth Energy Community’s award winning fundraise allowed them to raise equity from the City’s residents to install solar PV installations on local school roofs. The returns will provide an income for investors as well as generating surplus funds to tackle fuel poverty in the city and support community energy initiatives.

Another interesting community fundraise was the refinancing of a single wind turbine in Cornwall through the renewables-focused crowdfunding platform Abundance.

This allowed investors to buy a debenture (technically a debt instrument) with the financial return linked to the operational performance of a single 500kW wind turbine which REG Windpower had

constructed in Pensilva, Cornwall.

We see a continuing will across all political parties to push such community ownership of schemes and both the Department of Energy & Climate Change and the Treasury have made and continue to make specific concessions and reliefs available to the community energy sector. We expect 2015 to see significant growth although the Treasury has announced an intention to migrate some of the tax support away from the Enterprise Investment Scheme (which is effectively being closed to renewable energy) and replace it with Social Investment Tax Relief. When introduced this should allow community energy schemes built through co-ops and other appropriate legal structures to benefit from similar tax benefits to today.

The buoyant picture of growing and deepening sources of equity finance was happily matched by growing lender willingness to support development of appropriate schemes.

The market in pure project finance terms – where the future cashflows of the project alone are used to support the debt rather than reliance

being placed on income or security outside the project – also developed substantially.

Many financial institutions offered project finance facilities to larger scale wind or solar farms, notable examples including ING’s project financing of REG’s St. Breock wind farm in Cornwall, Santander’s and Investec’s construction phase financing of a number of solar farms and RBS’ and Barclays’ project financing of a number of operational assets.

Even more encouragingly we saw such pure project finance structures extend into some smaller schemes, often previously eschewed by the large banks as they focussed on the larger potential deals.

Looking forward to 2015 we expect the first half of the year to remain exceptionally busy as developers look to complete schemes ahead of the general election and the political uncertainty that brings, as well as known tariff and taxation changes scheduled for the first half of the year.

Thereafter certain sectors such as community energy, rooftop solar will enjoy continued growth whatever the election brings whilst other sectors will be more subject to the outcome of the election.

A tech company with the defence and offshore energy markets has been bought out in a £12 million deal.

Barnstaple and Aberdeenbased J+S was acquired by Cohort and will now be integrated into the company’s SEA subsidiary.

J+S, which employs 137 jobs across its two sites, supplies sonar systems, torpedo launchers and a range of other naval equipment. J+S has made sales in Canada, Malaysia and the wider Asia Pacific region, with a total of 12% of 2012/13 revenue coming from outside the UK. The acquisition of J+S, which had a £14m turnover and order books of £33m in 2014, is in line with Cohort’s stated strategy to accelerate its growth by making targeted acquisitions, complementing organic growth.

Andrew Thomis, chief executive officer of Cohort, said: “By integrating J+S into SEA, we aim to accelerate the growth of the combined business by enhancing its product and service offerings and broadening its international reach.

“The transaction will consolidate SEA’s position as a leading international provider of naval defence technology.

“Overall, our two acquisitions in 2014 have together substantially increased the scale, breadth and reach of Cohort’s portfolio and are expected to be immediately earnings enhancing.”

J+S’s established production capability will help meet SEA’s growing needs for submarine communication and other system manufacture.

SEA’s expertise in certain technology areas offers the potential for enhanced product offerings.

The acquisition of J+S will extend SEA’s reach internationally, by building on the strong foothold J+S has in Canada, Malaysia and the wider Asia Pacific region. It also brings a growing capability in adjacent markets including offshore energy.

David Jeffries, chairman of J+S Ltd, said “The acquisition

by Cohort will enable J+S to go from strength to strength, building on its firm foundations and leveraging the opportunities being part of the Cohort Group will bring.”

Samantha Billingham, a partner at Michelmore, which advised on the deal, said: “J+S Ltd are a very dynamic and profitable business and a real asset to the South West economy.

“It has been ranked as one of the region’s top performing companies and is amongst Devon’s largest employers.

“Michelmores has had a long journey with J+S and we are all delighted to have been associated with this latest successful transaction.”

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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 13

Wind turbines project a step closer to reality after cash deal Four wind turbines projects are a step closer to becoming a reality after securing funding thanks to a collaborative lending deal.

The three wind farm projects in north Devon and one in Leicestershire could herald others in the country following the successful partnership between One Wind Renewables, their joint venture partners Porterledge Renewable and Hallmark Powergen and corporate and commercial solicitors Murrell Associates.

Chris Wills, from Murrell Associates was able to advise on the funding packages made available for the 500kWp single turbine projects by Cardiffbased Julian Hodge Bank.

He said: “With expectations running high that the Government will further reduce the Feed-in-Tariff, it has never been more important for developers to construct and commission their projects as quickly as possible to ensure that they meet the accreditation deadline.

“In these cases the collaborative approach taken by all parties involved has meant that the time between the offer of a funding facility by the

The founders of Celtic Sheepskin & Co Nick and Kath Whitworth

Ethically-sourced clothes company bought by founders A manufacturer and retailer of premium ethically-sourced clothes and shoes has been bought by its original founders.

Newquay-based Celtic Sheepskin & Co Ltd was purchased by Nick and Kath Whitworth, the original founders of the business to give the business a new focus.

The firm is both a manufacturer of sheepskin boots and slippers and a retailer of premium clothing, accessories and footwear, predominantly for women and all manufactured ethically from natural fibres, within the UK wherever possible.

Following the ambitious growth plans of the majority shareholders since 2011, Piper Private Equity, Celtic & Co developed their product range, in many ways, into more everyday fashion items.

However many of these items were rejected by customers as not being true to the heritage values of the business.

As such, Piper Private Equity decided not to continue with the business in 2014 and it went into administration.

At the time, original founders Nick and Kath Whitworth, who had successfully and profitably run Celtic & Co for 22 years, decided to form a new company to buy the business out of administration.

The new company Celtic Sheepskin & Co Ltd, reflecting the heritage product and main focus of the business has carried on the Celtic & Co brand to give customers the products

‘We are very proud to be a British business’ Nick Whitworth and service that have been treasured for years.

The husband and wife team were advised by Murrell Associates and Francis Clark on their purchase. Piper were advised by Bond Dickinson.

The factory, product development, marketing and senior management teams were moved back into the original building alongside operations, the factory shop and customer services and a new managing

director, Emily Bates, was appointed.

Nick and Kath said: “Following a difficult couple of years we are now fully focused on the future of the Celtic & Co brand and delivering unique and wearable clothing and footwear to our customers, crafted from natural fibres and inspired by the Cornish landscape we call home.

“We are very proud to be a British business, supporting British manufacture and working with ethical suppliers to create high quality products that have been our customers’ favourites for years.

“As founders and now once again 100% owners, we are passionate about the Celtic & Co brand, supporting jobs in Newquay and supplier businesses around the UK and are pleased to have been able to reenergise such a strong brand with a loyal base of established customers.”

Managing director Emily Bates added: “Celtic & Co had a very positive year, returning to profitability again and we look forward to announcing full results after the year end in January 2015.”

bank and the drawdown of funds has reduced for each project, and I am confident that this trend will continue.”

Following the success of their first collaboration at Gearns Farm, Holsworthy, Mr Wills was approached by the shareholders and directors involved with the idea of funding several more projects with Julian Hodge Bank on a similar basis.

He added: “Using the experience gained from the first transaction we were able to propose a suitable structure for the bank and their solicitors, Blake Morgan LLP, to scrutinise.

“Following a meeting in Cardiff between the key stakeholders, Julian Hodge Bank approved a funding proposal based upon this structure that has so far enabled the group to finance their first four projects – with more in the pipeline.

The nature of the facilities being offered by the bank demonstrates a step-change in the marketplace, where funding from wealthy individuals or investment vehicles were previously the only sources of funding for projects of this nature.”

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Rame to grow in Chile after AIM floatation An engineering company with multi million pounds energy contracts in South America has been able to expand thanks to a successful London Stock Exchange floatation.

Formerly based in a converted chapel but now based in Sutton Harbour, Rame Energy specialises in supplying energy solutions to major industry clients such as gold mines in Chile and Argentina.

Established by Tim Adams and James Wilson in 2002, the company raised £2.1 million after being floated on AIM – the Exchange’s market for smaller, growing companies.

The company has since been involved in the development of almost a quarter of the wind farms in Chile, where demand for energy often outstrips supply.

It was also behind the design of the ‘Veladero project’ in the Argentinian Andes, which is listed in the Guiness Book of Records as the world’s highest altitude wind turbine.

Rame Energy has been building, operating and maintaining wind farm schemes on behalf of clients – such as large mining companies – who need a constant power supply.

It has also acquired Beco Solar from Totnes and has since signed contracts to provide roof mounted solar farms in Latin America as an energy provider in its own right.

The Plymouth business is making a transition from providing end-users with technology, to generating and selling energy to customers.

In 2014, the year of its AIM floatation, Rame secured a cofinancing deal with Santander to raise the US$45 million it needed to develop the first two wind farms in Chile which became operational by the end of last year and started producing a combined 15 megawatts of power.

The company plans to build and operate a portfolio of 300 megawatts of its own wind assets in Latin America within three years.

Originally called Seawind, the Plymouth business has 60 employees in the UK and Chile.

At the time of the stock market floatation, Mr Adams said Rame Energy offered Stock Exchange investors a low-risk opportunity with the chance of a high return for their money – borne out by its already proven success in Chile.

He said: “We plan to reinvest revenues generated from the first 24 MW to develop further projects.

“We’ve been beavering away for 10 years in Plymouth and have worked everywhere from Pakistan to Alaska but remain committed to the Westcountry as an operational base.”

Franchise business Water Babies ready to go global following MBO A franchise business which provides swimming lessons for children across the UK, is ready to go global following a management buy-out.

Water Babies was formed in 2002 and now generates annual revenues of £20 million.

The firm headquartered in Honiton teaches babies and children up to the age of four to swim at more than 600 pools across the UK and Ireland.

Water Babies also offers customers swimming products and iconic high-resolution photography of babies and toddlers swimming un-

derwater – taking over 100,000 photographs every year.

In 2013 Water Babies was independently recognised as a first class professional franchisor, winning on its first attempt the British Franchise Associations “Best Franchisor of the Year” Silver Award.

Paul Thompson, executive chairman of Water Babies, said the September management buy-out would allow for expansion beyond the UK with plans to grow the business into a true global brand.

He said: “As well as con-

tinuing the growth of our core business in the UK and Ireland, we are looking forward to expanding into continental Europe, North America and Australasia.

“In addition, we are very excited about our new franchise Water Bumps which will be offering pre- and post-natal pool-based exercise classes.

“We have big plans to grow our business over the next five years.”

The deal was made possible with the support of Momentum Corporate Finance, which acted as lead advisor, advising the shareholders on

deal structure and assisting with the fundraising. Coutts & Co and Browne Jacobson also advised the Water Babies management team on the deal.

Rob Crews from Momentum said: “Water Babies is a fantastic business with a very strong and entrepreneurial management team. The business is a great example of franchising working well for franchisor, franchisee and the customers.

“We have enjoyed working with Paul and the team at Water Babies and look forward to seeing the business

continue to go from strength to strength.”

Browne Jacobson also advised Water Babies Group on the management buy-out with Robert Pocock of FYI Business Economics Limited, an advisory firm based in Exeter, providing his expertise.

Browne Jacobson corporate finance partner Nigel Blackwell said: “We are delighted to have played a part in what was a significant reorganisation for Water Babies and one that will give the company’s management team greater freedom to achieve its goals and ambitions.”

Flybe saved from downward spiral by chief executive’s vision Regional low cost airline Flybe was saved from a downward spiral when it appointed a new chief executive with a clear strategy for the future.

As a result of Saad Hammad’s appointment to the top job in August 2013, Exeter-based Flybe recapitalised 48.1% of its stock after

historic owner Rosedale Aviation pulled out in November 2013.

The firm then went on to raise £155 million in capital from institutional investors in February 2014.

A spokesman for KPMG which advised Flybe at the time, said the firm had been

able to raise such a large amount in capital because of the clear strategic vision of its chief executive.

He said: “It just goes to show that if you have a clear strategy and your management team believes in it and have the right governance in place then investors will be

willing to provide the funds for future investment. This is a good news story for Flybe especially when the sums raised are really important.”

The cash effectively allowed Flybe to do the things it needed to do to get out of the dolldrums including changing its fleet of aircraft so

they are more adapted to Flybe’s focus on routes to regional hubs.

KPMG was one of the advisers on the deal and provided independent advice to the airline on raising capital with City-based firms assisting Flybe in raising the cash.

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Sausage maker acquires £1m food producer

The world famous Eden Project raised £1.5 million in 24 hours for a new learning centre through a new Crowdcube bond issue

Eden Project raises £1.5m in a day through Crowdcube bond issue The Eden Project moved a step closer to establishing a new teaching centre last October after securing £1.5 million from 175 investors in less than 24 hours.

The internationally-acclaimed visitor destination and world’s largest “rainforest in captivity” wants to create a new learning village for teaching quality horticulture, cookery and food production at its

home in Cornwall. This saw Eden team up with the UK’s largest equity crowdfunding platform Crowdcube, based in Exeter, to secure the investment needed to move the plans forward.

As a result, investors were issued with the new Eden Project Bond via Crowdcube which enables the attraction to access finance for the ambitious project from among its

own supporters as well as a crowd of registered investors and the general public.

Some 200 investors put in a minimum of £500 and in return will get 6% per annum over the four-year term of the bond.

Eden executive director David Harland said: “This is an amazing result. To reach our £1.5m target so soon is spectacular and shows that

very many people share our vision to establish a worldclass learning centre.”

He added: “We take our hats off to Crowdcube for the brilliant way they have enabled us to reach our goal in what is our first foray into crowdfunding.”

The Crowdcube appeal had already reached £1 million in less than five hours and pushed up to the needed

amount required to purchase the land and start the work in a day.

Luke Lang, co-founder of Crowdcube said: “It’s brilliant that the Eden Project has become the latest high-profile organisation to use Crowdcube to raise finance.

“Eden is synonymous with innovation and community, which makes it a great fit for crowdfunding.”

Pasty company endorsed by PM rescued from oblivion A pasty company once endorsed by Prime Minister David Cameron has been rescue from oblivion in a £135,000 deal by former Premiership football star Danny Mills.

After a combination of unfavourable weather conditions and changes to VAT rules hit sales and profitability at West Cornwall Pasty Co, accountancy firm BDO was instructed to run an accelerated sale process, contacting 64 possible trade buyers and 19 potential financial buyers.

As trading worsened and with the business on the verge of running out of cash, the interested parties were whittled down to a shortlist of four from which Enact emerged as the preferred bidder of the company’s management and its secured creditor Sankaty, a subsidiary of

high-profile US private equity firm Bain Capital.

A deal was finalised once administrators from PwC were appointed in April with Mills’ private fund Enact paying £135,000 to buy 35 West Cornwall Pasty Company outlets and save 274 jobs.

As well as the agreement between Enact and PwC, Sankaty, which was owed approximately £5 million when administrators were appointed, has also taken an equity stake in the company set up by Enact for the transaction.

Before its collapse, the pasty business, whose products were praised by David Cameron while he was defending the “pasty tax” in 2012, had 20 train station-based outlets and 45 non-train station-based outlets across the UK, employing 366 staff.

Following the deal, Chris

Cormack, investment director at Enact, joined West Cornwall Pasty Co’s board of directors and will help the existing management team.

Enact was supported during the transaction by Sankaty Advisors and advised by Simon Pilling and James Cook of Gordons.

BDO acted as M&A adviser to the company and provided restructuring/insolvency advice.

Stuart Deacon, partner with BDO who led the sales process said: “West Cornwall is a market leading brand in UK that struggled to manage the effect of the “pasty tax”.

“Its deserved rescue, securing more than 200 jobs and 35 outlets and stores, is testament to the vision of the incumbent management team and their new investor Enact.”

The Kernow Sausage Company has acquired Vealls of Newquay, a long-established Cornish food wholesaler, for an undisclosed sum.

Vealls was founded in 1964 by brothers Ron and John Veall, who grew the business to a £1 million plus turnover.

Now both in their 70s, the brothers have made the decision to retire.

Vealls supplies more than 200 businesses in the South West with a range of chilled, ambient and frozen foods.

The deal will safeguard 13 jobs at the company’s St Columb base, bringing investment and improvements to the existing systems and equipment.

Founder Ron Veall said: “My family and I are very proud of the business we have built together over the years, and we are pleased to be able to hand over the reins to another Cornish family business in Kernow Sausage Company.

“Gavin Roberts and his team share the same values as us and we wish them every success.”

Gavin Roberts, managing director of Kernow Sausage Company, honed his skills as a commercial butcher before starting the Kernow Sausage Company in 2007, making sausages inspired by his grandmother’s family recipe.

Since then, the company has grown rapidly with the help and support of the family team and expanded their multiaward-winning artisan sausage product range to include dry cured bacon and fresh Cornish pork.

The business now supplies some of Cornwall’s most prestigious hotels and restaurants, with supporters including high-profile chefs Paul Ainsworth and Chris Eden.

Mr Roberts said: “We have seen tremendous growth year on year with our core offering and have proved that we can compete with regional and national players here in the south west.

“I know I speak for the entire team when I say that we’re ready to take on this great business and see it shine. Ron and John Veall have put their hearts and souls into building a great business and we are really excited to be writing the next chapter of the story.”

Mr Roberts said the two businesses will run side by side enabling them to realise efficiencies by the sharing of some facilities and resources, including distribution. The acquisition of Vealls was advised on by Murrells Associates and was made possible through an investment from the Business Catalyst Fund and a loan from South West Investment Group.

John Peters, MD of SWIG Finance, said: “We are delighted to be able to support Kernow Sausage Company with their business growth.”

Finance Specialists track record for exceeding Corporate clients expectations

16 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS

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Blur Group generates £13m in rights issues Exeter-based Blur Group has successfully generated £13 million in rights issues to fund further growth and help secure further large-scale contracts.

The company, which develops technology platforms that allows professional services around the world to connect and collaborate on projects, saw its share value plummet by 44% in May 2014.

A rights issue is when a company issues its existing shareholders a right to buy additional shares in the company.

A company will offer more shares to its shareholders to raise extra money for the company.

Companies with a poor cash flow will often use a rights issue to increase cash flow and pay off existing debts.

Rights issues however are sometimes issued by companies with healthy balance sheets in order to fund research and development projects or to purchase new companies.

The Blur Group, which relocated to Exeter in August 2013 and has established its new base on the city’s Science Park as its global headquarters, takes a listing fee from legal, accountancy and advertising firms that sign up and register to its Global Services Exchange.

The business also generates further revenues from projects registered on its platform as they grow in size.

However, due to the complexity of many of the projects registered on the platform, some schemes, including one project worth several million dollars have taken longer to come to fruition than anticipated, which created a cash flow problem for Blur.

Blur generates income when the designated services and/or contracted milestones within projects on its platform have been completed.

The business, which has been described as the ‘Amazon for business services’ has grown apace since it launched its exchange in 2010, with the projects registered with it rapidly increasing in size, whetting investors’ appetite.

Blur – which saw the value of projects registered in the four months to January 2014 exceed $150 million – has an order pipeline worth more than $251 million and has signed more than 5,000 projects.

At the time of the deal CEO Philip Letts said: “We’ve more than doubled the total number of projects running through our Exchange since we opened Blur’s global HQ in Exeter nine months. We are proud of how the business has created real jobs and a dynamic team that continues to go from strength to strength.”

Paul Southall, director Rigby Group, Malcolm Humphries, Capital Air Charters, Sir Peter Rigby, Lisa Humphries, sales director Capital Air Charters and Terry Martin, medical director Capital Air Charters at the time of the acquisition of Capital Air Charter by the Rigby Group last autumn

Exeter Airport owners acquire charter air ambulance company The company which owns Exeter Airport has strengthened its presence in the South West after acquiring a new business in the city.

The Rigby Group Plc, one of the largest and most successful family-owned businesses in the UK, acquired Exeterbased Capital Air Charter Limited.

The acquisition by Rigby Group plc’s aviation division followed a year in which the Group has invested £50 million in the region, including the purchase of Exeter Airport and British International Helicopters.

Operating both the Capital Air Charter and Capital Air

Ambulance services, the company has a long-standing reputation as an efficient, safe and commercially-capable operator offering executive corporate and private chartered flights, medical repatriation and urgent freight services throughout Europe.

Both services are based at Exeter Airport and are the South West’s leading operations of their type, with 35 fulltime staff and a roster of more than 70 part-time medical staff available on call.

They currently operate eight aircraft, and will continue to operate under their own brand as plans for new growth are finalised.

At the time of the August deal Capital Air Charter managing director and chief pilot Malcolm Humphries, said: “This announcement will allow us to develop and realise its potential for in a way that simply wasn’t possible in the past.”

Capital Air Charter was launched 23 years ago with a single aircraft from an office based around the founders’ kitchen table.

Since then an ethos of tight cost control and a commitment to service and safety excellence has seen the firm become the longest established and leading charter operator in the South West.

Confirming Rigby Group’s status as one of the largest single owners of regional airports and airport services in the UK and underlining its intent to continue to both grow its share in the sector and increase the role of regional aviation in the UK, the Capital Air Charter acquisition marked the sixth M&A deal the group has undertaken in 2014, and the 11th since launching its new acquisition strategy in 2013.

Rigby group chairman and CEO Sir Peter Rigby said: “Over the last two decades Capital Air Charter have worked hard to establish the company as the South West’s

largest air ambulance and private air charter operator with an enviable reputation, and I am very much looking forward to working together as we continue to expand operations and build on that success.”

Capital Air Ambulance operates the air ambulance service in Guernsey, and also provides emergency back-up to the medical services in Jersey and the Isle of Man. Capital Air Charter finance director Lisa Humphries added: “While this is a pivotal moment in the business’ history, for our existing customers it will feel very much like business as usual.”

Engineering firm sells subsidiary to focus on core business Design and engineering company Ashwoods Automotive has sold its subsidiary company, Ashwoods Energy Ltd to Vayon Group Ltd for an undisclosed sum.

Ashwoods Energy is a leading designer and supplier of battery management systems and battery electronics for use in a wide range of applications.

The award-winning firm, which is based in Exeter, decided to sell its subsidiary to concentrate on its core business instead.

Vayon is a fast-growing green technology group specialising in the design and development of electric and hybrid power systems.

In addition to Ashwoods Energy’s product portfolio,

Vayon will also acquire the company’s established contracts in high-end, bespoke, automotive engineering projects.

Since 2009, Ashwoods has experienced a ten-fold growth, increasing its staff from a team of three to 30 and its turnover increased from £650,000 to £6.5m in 2013.

Mark Roberts, managing dir-

ector of Ashwoods Automotive, said: “The sale of Ashwoods Energy is a positive milestone and means we can focus the company’s resources, investment and innovation on growing new markets for our highly successful motors and Lightfoot. We have ambitious expansion plans for the future and anticipate strong demand for our products. A recent dis-

tribution deal for Lightfoot with Spanish company Disvent Ingenieros will spearhead our expansion in Europe.”

Philip Gamble, head of marketing for the Vayon Group, said: “Ashwoods Energy fits perfectly into the Vayon Group portfolio of companies and strengthens our position as a one-stop-shop consultancy business.”

Corporate Finance Specialists We can advise you on the real value of

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Supacat grows with MDS Marine deal

Vanessa Finnimore from RBS, Hugh Francis from UK Export Finance, Shaun Mitchell from Supacat, Chris Turner, Martin Wright and Graham Rudd from RBS and Supacat MD Nick Ames

Devon engineering firm Supacat has expanded its marine and renewable energy business with the acquisition of MDS Marine.

The Dunkeswell-based company bought the Hampshirebased company known for its inboard propulsion expertise.

In 2013 at Seawork International Supacat launched its revolutionary Supacat Multipurpose Vessel 24, which has since secured James Fisher Marine Services as launch customer with the first vessel making its maiden charter in May 2014.

The Supacat Launch and Recovery System developed for the RNLIâ&#x20AC;&#x2122;s new Shannon Class Lifeboat provided the companyâ&#x20AC;&#x2122;s springboard into marine engineering.

Nick Ames, managing director of Supacat, said acquiring MDS Marine had strengthened the companyâ&#x20AC;&#x2122;s position in the marine sector.

He said: â&#x20AC;&#x153;This acquisition shows our ongoing commitment to the marine sector and forms part of our continuing diversification strategy to expand our marine business further.â&#x20AC;?

MDS Marine gives Supacat

access to the inboard propulsion market for powering ribs, tenders, utility vessels and super yachts, where MDS provides sales, installation and support services for Marinediesel Sweden and manufacturers, such as Konrad.

More recently Supacat has secured a significant funding package from the Royal Bank of Scotland.

The deal will support the firmâ&#x20AC;&#x2122;s A$105 million contract win to supply 89 HMT vehicles to the procurement arm of the Commonwealth of Australia.

The finance package, arranged in conjunction with UK Export Finance, provided Supacat with funding support to fulfil the contract over a two year period. This deal witnessed RBS supporting a UK manufacturer with hedging and a payment guarantee to enable Supacat to sell the vehicles to the Australian Defence Materiel Organisation.

Mr Ames said: â&#x20AC;&#x153;This is the first of the Mark 2 HMT Extendaâ&#x20AC;&#x2122;s to go into production and represents a significant increase in capability while retaining the mobility and versatility for which the vehicle has become well known.â&#x20AC;?

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Corporatethis Finance Specialists your business and how to maximise in a sale

18 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS

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Financial planning firm biggest in SW after take over Exeter-based Shipman Financial Planning said it was now among the Westcountry’s largest independent financial and investment specialists, following its seven-figure buyout of a Guernsey firm in May. Shipman, which is based in the city’s Southernhay quarter, said its acquisition of Oculus Investment Managers meant it could now offer financial planning and investment services ‘almost unrivalled’ outside London.

Oculus, a successful discretionary investment management company, has a strategic relationship with James Hambro and Partners – which makes investment decisions on a £15 billion portfolio.

Shipman managing director Peter Ellis said at the time: “This is an exciting time. To offer financial advice and discretionary investment management under one roof is a major step forward.

“Thanks to this takeover, we can now access the resources of a large institutional investment organisation but still with the values and personal service of a small company.

“Currently we have just under 1,300 clients who are now able to gain the same level of integrated and dedicated expertise usually only found in London.”

Just prior to the deal, Shipman also strengthened its Exeter team with the appointment of chartered financial planner Philippa Frost, a member of the Society of Mortgage Professionals and also an experienced equity release adviser.

Broadcasting firm buys Exe Radio stake Exmouth-based radio company Exe Broadcasting has increased its stake in 107.3FM Radio Exe. Exe Broadcasting was formed in 2011, and as well as operating Radio Exe runs public events.

It recently completed its third full year in business, during which it acquired another 9% of the stock in Radio Exe, taking its stake to 60 per cent.

The remaining 40% is owned

by Devon Radio Ltd, which owned 85% of the station until June 2011.

Majority shareholder Paul Nero said: “We’ve had an extraordinary year in which we’ve managed to secure the talents of Rex Rozario OBE as Radio Exe chairman and built the radio station into a force that punches well above its weight.

“We also acquired another 35,000 shares in the company.”

The James Tobias team with their legal and financial advisers following the 2014 management buy out

Office storage solution company ready for further growth after MBO A firm which manufactures office storage solutions is looking to grow following a management buy-out.

Phil Jones, Dave McLaren and Jon Dibble acquired James Tobias Ltd from its retiring owners thanks to a deal led by Francis Clark and backed by Altitude Partners and debt finance from NatWest Structured Finance.

Somerset-based James Tobias has developed a market leading position in the design, supply and fitting of premium storage wall systems, engin-

eered to maximise the efficient use of floor space in commercial offices, showrooms and schools.

The company manufactures from a 40,000 sq ft factory in Bridgwater and employs more than 50 people.

Phil Jones, managing director of James Tobias since the MBO last May, said: “We were very excited to have completed the deal to acquire a company with a fantastic product range and great potential.

“We have been looking for-

ward to working with our financial backers Altitude and NatWest, to grow the business over the next few years.”

Altitude Partners invest up to £3m in companies requiring development capital for organic growth, growth through acquisition or to support existing management teams undertake management buyouts.

Jonathan Simm of Altitude said: “We were very excited by the opportunity to work with the management of James Tobias Ltd to take advantage

of the market growth opportunities and to build a bigger business in coming years.

“We hope to help increase local employment in Bridgwater as the business expands.”

Nick Woodmansey of Francis Clark, which facilitated the deal, added: “Phil and the rest of the management buy out team worked hard to demonstrate their knowledge of the business and the future potential for significant growth.

“Management buy outs are hugely rewarding to both the

management team and their advisors while far from straightforward to achieve.”

Altitude Partners were advised by Clarke Willmott and the management team were advised by Francis Clark and Foot Anstey.

Matthew Stoate, partner at Foot Anstey, said: “We were delighted to be working alongside both the team at James Tobias, and their backers Altitude Partners, both businesses and organisations that reflect our own ambitions for future growth.”

Corporate Finance Specialists Taking an entrepreneurial approach

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ACQUISITION/SALES Amber Chemical Company Ltd Acquirer: ICM Products Inc Legal advisors: Macfarlanes (Camilla Barry, Damien Crossley), Kirkland & Ellis Financial advisors: Clearwater Corporate Finance (Constantine Biller, Nick Horrocks), Crowe Clark Whitehill Financed by: Caledonia Investments Date: March 2014 Location: Somerset Ashwoods Energy Ltd Acquirer: Vayon Holdings Ltd Legal advisors: Foot Anstey (Ken Lewins, Matt Stoate), JAG Shaw Date: August 2014 Location: Devon Best Western Shrubbery Hotel Acquirer: Shrubbery Hotel (2013) Ltd Financial advisors: BDO (Graham Randall, Simon Girling) Property Advisor: Christie & Co (Jonathan Hill) Date: July 2014 Location: Somerset Birch Valley Plastics Ltd Acquirer: Cablecraft Ltd Financial advisors: Condy Mathias Legal advisors: Foot Anstey (Duncan Sykes), Machins (Jon Alvarez) Date: April 2014 Location: Plymouth Capital Air Charter Ltd Acquirer: Rigby Group (Rg) Plc Legal advisors: Wragge Lawrence Graham & Co (Baljit Chohan, Caroline Frost), Acuity Legal Date: August 2014 Location: Exeter Celtic Sheepskin Co Ltd Acquirer: Celtic Sheepskin & Company Ltd Legal advisors: Murrell Associates (Chris Wills, Hugh Murrell), Bond Dickinson (Ian Holden) Financial advisors: Francis Clark (Mark Greaves, Nick Tippett), ReSolve Partners (Cameron Gunn, Mark Supperstone) Financed by: HSBC (Rob McPherson) Date: April 2014 Location: Cornwall Chisbon Solar Farm Ltd Acquirer: Gamma Solutions SL Legal advisors: Michelmores (Alex Watson), Nabarro (Georgina Spearing), Taylor Vinters (Simon Green), Nabarro Date: January 2014 Location: Devon Chisbon Solar Farm Ltd Acquirer: Lightsource Renewable Energy Ltd Legal advisors: Michelmores (Alex Watson, Ian Holyoak), Dentons (Gillian Goldsworthy, Jessica Robinson) Date: December 2014 Location: Devon Conewood Manor Ltd Acquirer: Conewood Manor Care Ltd Legal advisors: Foot Anstey (Adam McKenna, Ken Lewins), TLT Solicitors (Ramon Baker) Financial advisors: Begbies Traynor (Kirstie Provan, Neil Mather) Date: September 2014 Location: Torbay Consented Solar Site In Leicestershire Acquirer: Belltown Solar 4 Ltd

Legal advisors: Osborne Clarke (Adam Love), Burges Salmon (Ceri Barrett, Gillian Saunderson) Date: November 2014 Location: Devon Coombe Farm Fruits Ltd Acquirer: Yeo Valley Group Ltd Legal advisors: Burges Salmon (Claire Porter-Bryant, Joshua Reynolds), Porter Dodson (Evelyn Adfield) Date: December 2014 Location: Somerset Cornerstone Lifestyle Financial Planning Ltd Acquirer: Succession Group Ltd Financial Advisors: Bishop Fleming Corporate Finance Legal advisors: Foot Anstey (Chris Worrell, Tim Young), Stephens Scown (Giles Dunning) Date: June 2014 Location: Plymouth Debt in Control Ltd Acquirer: MoneyPlus Group Ltd Legal advisors: DWF (Frank Shephard, Vicky Ross), Murrell Associates (Henry Maples, Hugh Murrell) Financial advisors: Francis Clark (Mark Greaves, Tim Culverhouse) Date: September 2014 Location: Plymouth Den Dental Group Practice Acquirer: Oasis Healthcare Ltd Legal advisors: Burges Salmon (Chris Palmer, Mark Cook), OTB Eveling (James Eveling) Financial Advisors: Darnells (Simon Wood), KPMG Date: October 2014 Location: Devon DJB (SW) Haulage Ltd Acquirer: Jeremy Bishop Haulage Ltd Legal advisors: Boyce Hatton (Cris Boyce, John Townsend), WBW Solicitors (James Edmonds) Financial advisors: John Wain & Co (Ian Hayman), Channon & Co (Rod Channon) Date: January 2014 Location: Torbay Doe & Davies Acquirer: Succession Group Ltd Legal advisors: Foot Anstey (Chris Worrell, George Pawley), Stephens Scown (Giles Dunning) Date: July 2014 Location: Plymouth Company: Ducks and Daisy Coffins Assets of Devoncraft Legal advisors: Over Taylor Biggs (James Eveling) Financial advisors: Francis Clark (Sean Grinsted) Date: April 2014 Location: Devon DV3 Properties Hotel Ltd Acquirer: Eden Hotel Collection Ltd Legal advisors: Wragge Lawrence Graham & Co (Baljit Chohan, Daniel Shilvock), Addleshaw Goddard Financed by: Nationwide Building Society Date: June 2014 Location: Devon

Hollingsworth), Gilbert Stephens (Nigel McKay) Property Advisors: Christie & Co (John Crocker) Date: March 2014 Location: Devon Equilibrium Claims Ltd Acquirer: EMC Advisory Services Ltd Legal advisors: Michelmores (Andrew Feather, Richard Cobb), EMW Law Date: December 2014 Location: Torbay Evans' Estates (1956) Ltd Acquirer: Bantham Estates Ltd Legal advisors: Tozers (Amy Laver, James Orpin, Vernon Clarke), Wollen Michelmore (Michael Cosgrave, Owen Hill) Financial advisors: Francis Clark (Steve Collins), s4y Ltd (Tony Edwards) Financed by: Coutts & Co Date: October 2014 Location: Torbay Garrack Hotel & Restaurant Acquirer: Ayr St Ives Ltd Legal advisors: Nash & Co Solicitors (Christopher Stephens), Tozers (James Orpin, Tracey Bridgewater), Excello Law (Penny Paddle) Financial advisors: Francis Clark (Richard Wadman, Tom Roach) Financed by: Barclays Bank Date: July 2014 Location: Cornwall HR Jasper & Son (Holdings) Limited Acquirer: Dawn Meats Group Legal advisors: Bond Dickinson (Dean Drew, James Westwood), DJM Law Financial advisors: Bishop Fleming (Robert Davey) Date: February 2014 Location: Cornwall Handside South West Ltd Acquirer: Jeremy Bishop Haulage Ltd Legal advisors: Boyce Hatton (Cris Boyce, John Townsend), WBW Solicitors (James Edmonds) Financial advisors: John Wain & Co (Ian Hayman), Channon & Co (Rod Channon) Date: January 2014 Location: Torbay Hart Financial Management Ltd Acquirer: Succession Group Ltd Legal advisors: Foot Anstey (Chris Worrell, George Pawley), Regulatory Legal Solicitors (Paul Crutchley) Date: August 2014 Location: Plymouth Haslocks Ltd Acquirer: DeaneGate Ltd Legal advisors: Gregg Latchams (Paul Hardman) Financial advisors: Milsted Langdon (Roger Isaacs) Financed by: NatWest Bank Date: May 2014 Location: Somerset

ECT Language School Ltd Acquirer: Ensco 1076 Ltd Financial Advisors: JE Johnson Legal advisors: Gateley (Andrew Cowan, Jo Symes) Date: August 2014 Location: Devon

Hopkinson Associates Acquirer: Succession Group Ltd Legal advisors: Foot Anstey (Chris Worrell, Tim Young), Stephens Scown (Giles Dunning) Financial advisors: Bishop Fleming Corporate Finance Date: May 2014 Location: Plymouth

Endeavour Nursing Home Acquirer: Endeavour Residential Services Ltd Legal advisors: Kitsons (Dominic

J+S Ltd Acquirer: Cohort Plc Legal advisors: Pitmans (Andrew Peddie, Jasmine Murphy), Michel-

WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 19

mores (Jawwad Irshad, Sam Billingham) Financial advisors: EY (Liam Pursall, Neil Giles), Investec Bank Plc (Daniel Adams, Keith Anderson), Date: October 2014 Location: Devon Jamaica Inn Acquirer: Jamaica Inn Bodmin Moor Holdings Ltd Legal advisors: Michelmores, Thomas Eggar Financial advisors: Simpkins Edwards (Adrian Hemmings, Mark Simic) Date: March 2014 Location: Cornwall JJ Harris & Son (Engineers) Ltd Acquirer: Roseland Stores Ltd Legal advisors: Murrell Associates (Henry Maples, Hugh Murrell), Rowberry Morris (Robin Preston) Financial advisors: Francis Clark (John Endacott, Sebastian Beard), Masons Date: July 2014 Location: Cornwall John Deere Machinery Franchise Legal advisors: Coodes (Pam Johns) Financial advisors: Simpkins Edwards (Adrian Hemmings, Jean-Paul Quertier), Old Mill Corporate Finance (Mark Neath) Date: June 2014 Location: Exeter JT&M Signs Ltd Acquirer: Amberon Holdings Ltd Legal advisors: Hillyer McKeown (Anton Stirrett), Boyce Hatton (Cris Boyce) Financial advisors: Mark Holt & Co (Mark Holt) Date: February 2014 Location: Torbay Knight O'Byrne Ltd Acquirer: AFH Financial Group Plc Financial advisors: Allenby Capital Ltd (Chris Crawford, Nick Athanas, Nick Naylor) Date: November 2014 Location: Cornwall KS SPV 11 Ltd Acquirer: A Minimis Incipe Ltd Legal advisors: Michelmores (Alex Watson, Johanna Probert), Burges Salmon (Jonathan Eves, Peter Dunn) Date: September 2014 Location: Cornwall KS SPV 11 Ltd Acquirer: British Solar Renewables Ltd Legal advisors: Michelmores (Alex Watson, Johanna Probert), Murrell Associates (Chris Wills), Foot Anstey (Fran Button) Date: September 2014 Location: Cornwall KS SPV 18 Ltd Acquirer: Padero Solaer Ltd Legal advisors: Murrell Associates (Chris Wills), Bird & Bird (Helen Down) Date: October 2014 Location: Cornwall KS SPV 26 Ltd Acquirer: Conergy UK Ltd Legal advisors: Murrell Associates (Chris Wills), Taylor Wessing (Claire Peacock) Date: October 2014 Location: Cornwall KS SPV 28 Ltd Acquirer: Lightsource SPV 119 Ltd Legal advisors: Murrell Associates (Chris Wills), Dentons (Rachael

Dixon) Date: November 2014 Location: Cornwall KS SPV 50 Ltd Acquirer: Lightsource SPV 121 Ltd Legal advisors: Murrell Associates (Chris Wills), Dentons (Rachael Dixon) Date: September 2014 Location: Cornwall Lappa Valley Railway Company Ltd Acquirer: KM Partners Ltd Legal advisors: OTB Eveling (James Eveling, Keith Biggs), Gard & Co (Philip Mole) Financial advisors: Francis Clark (Richard Wadman, Tom Roach), Beardsley Theobalds (Charlie Webb, Roger Mundy), Thompson Jenner (Clare Harvey, Gary Salter) Date: March 2014 Location: Cornwall LRH Wealth Management Ltd Acquirer: Succession Group Ltd Legal advisors: Foot Anstey (Chris Worrell, George Pawley, Tim Young), Ramsdens (Greg Dolan) Financial Advisors: Bishop Fleming Corporate Finance Date: July 2014 Location: Plymouth M&D Transport Ltd Acquirer: Gregory Distribution (Holdings) Ltd Legal advisors: OTB Eveling (James Eveling), Foot Anstey (George Pawley) Financial advisors: Thompson Jenner (Simon Lewis) Date: July 2014 Location: Devon M&S Enterprises (Devon) Ltd Legal advisors: Kitsons (Dominic Hollingsworth) Financial advisors: Francis Clark (Ian Pring) Date: May 2014 Location: Devon Manuplas Offshore Ltd Acquirer: Advanced Insulation Ltd Legal advisors: DAC Beachcroft (James Reed), Bright (Matthew Cook) Financial advisors: Baker Tilly (UK) (Clodagh Muggeridge), Francis Clark (Dave Armstrong, Mark Greaves) Financed by: Santander Corporate and Commercial Banking Date: April 2014 Location: Cornwall Marine & Towage Services Group Ltd Acquirer: Bhagwan Marine Pty Ltd Legal advisors: Murrell Associates (Chris Wills), CMS Cameron McKenna (Danielle Heath, Matthew Stephen) Financial advisors: Scrutton Bland Corporate Finance (Andrew Strickland), KPMG (Kay Drury), Bluebox Corporate Finance Ltd (Paul Herman), Francis Clark (Andrew Allen, Richard Wadman) Financed by: Lloyds Banking Group Date: September 2014 Location: Torbay Mode Collective Ltd Acquirer: Private Group Led By 14 Investors Legal advisors: Boyce Hatton (Ashley Bevans, Cris Boyce), EMW (Gary O'Donoghue) Financial Advisors: Wise & Co (Karen Price) Date: August 2014 Location: Torbay

ND Thornley Ltd Acquirer: Goonvean Holdings Ltd Legal advisors: Foot Anstey (Duncan Sykes, George Pawley), Clarke Willmott (Simon Thomas, Robert Ridd) Financial advisors: BDO (Laura Shaw, Ricki Critchell), Francis Clark (Mark Greaves, Nick Tippett) Date: November 2014 Location: Devon Normal Enterprises Ltd Acquirer: Supacat Group Ltd Legal advisors: OTB Eveling (James Eveling, Rebecca Diebner) Financial advisors: Francis Clark (Darren Jasper, Matthew Willmott, Sean Grinsted) Date: November 2014 Location: Devon Old Rectory Caravan & Camping Park Acquirer: Tamar Valley Camping Ltd Legal advisors: Stephens Scown (Hilary Pitts), Tozers (James Orpin, Tracey Bridgewater) Financed by: Clydesdale Bank Plc Date: October 2014 Location: Devon Pilliven Farming Ltd Legal advisors: Kitsons (Dominic Hollingsworth), OTB Eveling (James Eveling) Financial advisors: Simpkins Edwards (Mary-Jane Campbell), Bray Accountants (Jonny Ison) Date: April 2014 Location: Devon Prosig Ltd Acquirer: Condition Monitoring Group Ltd Legal advisors: Foot Anstey (Emma Wood, Will Whitt) Financial Advisors: Baker Tilly Financed by: Santander UK Date: July 2014 Location: Devon Protocall One Ltd Acquirer: Universal Business Funding Ltd Legal advisors: OTB Eveling (David Gebbie), Roxburgh Milkins (Jason Milkins) Financial advisors: Francis Clark (Damian Lannon), Everdene Consulting Ltd (Nick Lawson) Date: February 2014 Location: Devon Retail Technology Ltd Acquirer: K3 Business Technology Group Plc Financial advisors: FinnCap (Henrik Persson, Julian Blunt) Date: July 2014 Location: Somerset Target: Salcombe Regis Camping & Caravan Park Acquirer: Salcombe Regis Park Ltd Legal advisors: OTB Eveling (Keith Biggs), Stephens Scown (Simon Harding), Tozers (Tracey Bridgewater) Financed by: Lloyds Banking Group Date: April 2014 Location: Torbay Scape Greenwich Acquirer: GCP Student Living Plc Financial advisors: Cenkos Securities (Dion Di Miceli, Tom Scrivens) Date: May 2014 Location: Devon SMC Skoda Acquirer: Helston Garages Group Ltd

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Corporate Finance Specialists to creating and securing transactions

20 DEALS REVIEW THURSDAY JANUARY 22 2015 WESTERN MORNING NEWS Legal advisors: Foot Anstey (George Pawley, Helen Wallwork), Gilbert Stephens (Nigel McKay) Date: May 2014 Location: Devon Smith & Co (Woollens) Ltd Acquirer: Lear Browne & Dunsford Ltd Legal advisors: Michelmores (Richard Cobb) Financed by: Lloyds Banking Group (Steve Hearn) Date: April 2014 Location: Devon Splash Interactive Pte Ltd Acquirer: Bray Leino Ltd Legal advisors: Legal Solutions and Kennedys Financial advisors: FinnCap (Geoff Nash, Henrik Persson), Francis Clark (Mark Greaves) Date: October 2014 Location: Devon Stokes Marsh Solar Ltd Acquirer: Stokes Marsh Solar Holdco Ltd Legal advisors: Burges Salmon (Dominic Davis, Jonathan Eves, Matthew Brace), Withy King Property Advisors: Jones Lang LaSalle Date: November 2014 Location: Exeter Styles Garden Centre Acquirer: Otter Nurseries Ltd Legal advisors: Stones Solicitors (Lynn Onyett, Eleanor Rayner), Horsey Lightly (Simon Barrett) Financial advisors: Francis Clark (Chris Bush, Clive Townsend) Date: November 2014 Location: Devon Tamar Labels Ltd Acquirer: Park Digital Ltd Legal advisors: Stones Solicitors (Eleanor Rayner, John Turnbull), Merricks Solicitor (Richard Merrick) Financial advisors: Simpkins Edwards (Adrian Hemmings) Date: July 2014 Location: Devon Tempero Ltd Acquirer: Dentsu Aegis Network Ltd Legal advisors: Foot Anstey (Duncan Sykes, George Pawley), Olswang (Mark Bertram, Theo Godfrey) Financial advisors: PwC (Alberto Panzen, Alistair Levack), Francis Clark (Andrew Killick, Nick Woodmansey) Date: December 2014 Location: London The Cornwall Aircraft Park (Helston) Ltd Acquirer: Livingstone Leisure Ltd Legal advisors: Paris Smith (Richard Atcherley) Financial advisors: ReSolve Partners (Cameron Gunn, Mark Supperstone, Simon Harris) Date: January 2014 Location: Cornwall Torbay Boat Construction Company Ltd Acquirer: Private Group Led By Ben Morris Legal advisors: Boyce Hatton (Cris Boyce), Tozers (Nick Conner) Financial advisors: Thomas Westcott (Matt Crabtree) Date: September 2014 Location: Devon Torbay Motel Acquirer: Mapstone (BBM) Ltd Legal advisors: Kitsons (Dominic Hollingsworth, Peter Boyne), Michel-

mores (Richard Cobb) Date: June 2014 Location: Torbay Target: Two Cornish Holiday Parks Acquirer: Peter Bull Resorts Ltd Legal advisors: Ashfords, Chubb Bulleid, Stephens Scown Financial advisors: Francis Clark (Chris Bush, Clive Townsend) Financed by: NatWest Bank Plc (Chris Pollard) Date: February 2014 Location: Cornwall Verus Wealth Acquirer: Succession Group Ltd Legal advisors: Foot Anstey (Chris Worrell, Tim Young), Regulatory Legal Solicitors (Paul Crutchley) Date: October 2014 Location: Plymouth West End Nurseries (Newton Abbot) Ltd Acquirer: Otter Nurseries (Torbay) Ltd Legal advisors: Bond Dickinson (Dean Drew, James Westwood), Stones Solicitors (Eleanor Rayner, John Turnbull) Financial advisors: Francis Clark (Chris Bush, Clive Townsend) Date: August 2014 Location: Devon

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house Investment Club Legal advisors: Clarke Willmott (Simon Smith), Brachers Date: November 2014 Location: Devon Exeter Rugby Group Plc from Barclays Bank PLC (Andy Dalley, Keith Herrod) Legal advisors: Michelmores Financial advisors: Isca Ventures (Mark Champion, Stuart Crebo) Date: June 2014 Location: Devon Fraddon Biogas Ltd from Eternity Capital Advisors Ltd (Alon Laniado) Legal advisors: Osborne Clarke (Chris Yeo, Matthew Lewis), Ashfords (Ruth Murray) Financial advisors: Francis Clark (Andrew Killick, Bob Meier, Rob Gear) Date: March 2014 Location: Devon Goonhilly Earth Station Ltd from Downing Legal advisors: Wragge & Co (Nick Crabtree), TLT Solicitors (Peter Naylor) Date: March 2014 Location: Cornwall

Wildae Restorations Ltd Acquirer: Joe MacAri Car Company Ltd Financial advisors: BCMS Corporate (Steve Marston) Date: April 2014 Location: Devon

Import Fashion Solutions Ltd from Business Growth Fund Legal advisors: Addleshaw Goddard (Rob MacAdam, Susie Siddall), Freeths, Pinsent Masons Financial Advisors: Sentio Partners Date: October 2014 Location: Plymouth

18.5 MW Solar Site Acquirer: Belltown Solar Holdco Ltd Legal advisors: Osborne Clarke (Adam Love), Burges Salmon (Cathy Lau, Charlie White) Date: September 2014 Location: Devon

IO Technologies Group Ltd from Consortium Legal advisors: Foot Anstey (Henry Humphreys, Matt Stoate), Osborne Clarke (Simon Jones) Date: July 2014 Location: Plymouth

FINANCE RAISING Artemis Optical Ltd from Leumi ABL Ltd (Jonathan Hughes) Legal advisors: Kitsons (Dominic Hollingsworth) Financial advisors: Bishop Fleming Corporate Finance (Dominic Harry), Envestors (Jersey) Limited Property advisors: Christie & Co (John Crocker) Date: July 2014 Location: Devon Atlantic Inertial Systems Ltd from Regional Growth Fund Financial advisors: Francis Clark (Dave Armstrong) Date: February 2014 Location: Plymouth Avocet Renewables Ltd from Downing Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Date: June 2014 Location: Tiverton Becton Dickinson UK Ltd from Regional Growth Fund Financial advisors: Francis Clark (Dave Armstrong) Date: June 2014 Location: Plymouth Bitblue Ltd from Syndicate Legal advisors: Boyce Hatton (Cris Boyce) Financial advisors: Darnells (David Smith) Date: October 2014 Location: Devon Braham & Murray Ltd from Hot-

Nomansland Biogas Ltd from Downing (Michael Hughes) Legal advisors: Ashfords (Jonathan Croley, Ruth Murray) Financial advisors: Francis Clark (Andrew Killick, Bob Meier, Rob Gear) Date: February 2014 Location: Devon Succession Holdings Ltd from Inflexion Private Equity (Andrew Mainwaring, Richard Swann) Legal advisors: Foot Anstey (Adam McKenna, Matt Stoate), King & Wood Mallesons (Andrew Wingfield), Stephenson Harwood (William Saunders) Financial advisors: PwC (Yme Potjewijd), Cannacord Genuity Date: January 2014 Location: Plymouth PEC Renewables Ltd from Plymouth County Council and private individuals Legal advisors: Foot Anstey (Ken Lewins) Financial advisors: Francis Clark (Andrew Killick, Matthew Willmott) Date: April 2014 Location: Plymouth

INVESTOR BUY OUT 35 West Cornwall Pasty Company Outlets Investor: Endless Legal advisors: Hogan Lovells (Guy Potel, Jon Dabbs), Gordons (James Cook), Rosenblatt Financial advisors: BDO (Joseph P Tabberer, Stuart Deacon), PwC (David Chubb, Robert Moran)

Debt Provider: Sankaty Advisors Date: April 2014 Location: Cornwall Boardinghouse Windfarm Ltd Investor: Triodos Renewables Legal advisors: TLT Solicitors (Alex Watson, Antonia Silvestri), Burges Salmon (Camilla Usher-Clark, Douglas Streatfeild-James), Murrell Associates (Chris Wills) Financial advisors: Scrutton Bland Corporate Finance (Andrew Strickland) Date: February 2014 Location: Cornwall Lyme Bay Winery Ltd Investor: Ball Capital Investment Legal advisors: Brabners (James Petts, Paul Nicholls) Financial Advisors: Benchmark International Date: December 2014 Location: Devon Succession Group Ltd Investor: Inflexion Private Equity Legal advisors: Foot Anstey (Adam McKenna, Alan Hughes), King & Wood Mallesons (Andrew Wingfield) Financial Advisers: Canaccord Genuity Commercial Due Diligence: Quinn Partnership Date: January 2014 Location: Plymouth

JOINT VENTURE Clean Earth Energy Wind Investments Ltd and Maximum Fun Power Ltd Legal advisors: Murrell Associates (Chris Wills), Foot Anstey (George Pawley) Date: February 2014 Location: Cornwall Mole Valley Farmers Ltd and St David's Farm Practice Ltd to form Molecare Veterinary Services Ltd Legal advisors: Michelmores (Alex Watson), Kitsons (Dominic Hollingsworth) Date: May 2014 Location: Devon Vaglefield Farm Joint Venture by Chase Milton Energy Ltd and GVO Wind Ltd Legal advisors: Murrell Associates (Chris Wills) Financial advisors: Saffery Champness Corporate Finance (Jamie Younger) Date: April 2014 Location: Devon

MANAGEMENT BUY OUT BH&S Insurance Services Ltd Legal advisors: Pardoes Solicitors (Alison Wittingham), Stones Solicitors (Eleanor Rayner, John Turnbull) Financial advisors: Bishop Fleming Corporate Finance (David Savill) Date: September 2014 Location: Devon Hanover Search Group Ltd Legal advisors: OTB Eveling (David Gebbie), Marriott Harrison (Duncan Innes) Date: April 2014 Location: Devon Helpful Holidays Ltd Legal advisors: Foot Anstey (George Pawley, Simon Gregory) Financial advisors: Francis Clark (Mike Clark, Sean Grinsted) Date: July 2014 Location: Devon James Tobias Ltd

Legal advisors: Clarke Willmott (Robert Ridd, Simon Thomas), Michelmores (Karl Taylor), Foot Anstey (Ken Lewins, Matt Stoate), Ashfords (Peter Fox) Financial advisors: Francis Clark (Mark Greaves, Nick Woodmansey), Isca Ventures (Mark Champion) Commercial Due Diligence: Innovations Partnership (Nigel Woodruff) Financed by: Altitude Partners (Simon White, Jonathan Simm), NatWest (Charles Davey), RBS Invoice Finance Date: May 2014 Location: Somerset Matford Arable Systems Ltd Legal advisors: Stephens Scown (David Culshaw), Kitsons (Dominic Hollingsworth) Financial advisors: Old Mill Corporate Finance (Isobel Savage), Thomas Westcott (Judith Flood) Date: April 2014 Location: Devon Ministry of Cake (Holdings) Ltd Legal advisors: Eversheds, Burges Salmon (Richard Spink, Vanessa Barnicoat), Osborne Clark, Shoosmiths Financial advisors: Momentum Corporate Finance (Alastair Boorman, Rob Crews), PWC, KPMG (Kay Drury) Financed by: LDC (Alistair Pendleton), HSBC Date: May 2014 Location: Taunton MK Test Group Ltd Legal advisors: Osborne Clarke (Alisdair Livingstone), Michelmores (Johanna Probert, Karl Taylor) Financial advisors: Isca Ventures (Mark Champion, Matt Eves) Financed by: Synova Capital Date: September 2014 Location: Somerset Staysail Ltd Legal advisors: Foot Anstey (Duncan Sykes, Ken Lewins) Financial advisors: Isca Ventures (Guy Eggleton, Mark Champion) Financed by: Lloyds Banking Group (Richard Davis) Date: November 2014 Location: Cornwall Suttons Consumer Products Ltd Legal advisors: Foot Anstey (Adam McKenna, Duncan Sykes), Travers Smith (Will Howard, Hugh Hutchinson), Pinsent Masons Financial advisors: Francis Clark (Mark Greaves, Nick Woodmansey) Date: December 2014 Location: Torbay Water Babies Group Ltd Legal advisors: Browne Jacobson Financial advisors: Momentum Corporate Finance (Alastair Boorman, Rob Crews) Financed by: Coutts & Co Date: September 2014 Location: Devon

MERGER Kelly College Foundation and Mount House School Trust Ltd merged to form Mount Kelly Foundation Legal advisors: Michelmores (Sam Billingham), Foot Anstey Financial advisors: Francis Clark (Dave Armstrong, Nick Tippett), Bishop Fleming (Andy Hawkins, Tim Borton) Date: March 2014 Location: Devon Plym River Practice, Ivybridge

Medical Group and The Ridgeway Surgery merged to form the Beacon Medical Group Legal advisors: Foot Anstey (Michael Gay), GA Solicitors (Tony Cusack) Financial advisors: Francis Clark (Stuart Cowen) Financed by: NatWest Bank Plc (Mark James) Date: July 2014 Location: Plymouth

MINORITY STAKE Creative Borders Ltd Legal advisors: Kitsons (Dominic Hollingsworth), OTB Eveling (James Eveling) Date: June 2014 Location: Devon DiGiCo Global Ltd Acquirer: Allen & Heath Ltd Financial advisors: Lincoln International Financed by: Electra Partners (Charles Elkington, Ian Wood), ISIS Equity Partners Plc, Mobeus Equity Partners, Babson Capital Management, Bank of Ireland, HSBC Date: July 2014 Location: Cornwall

SHARE BUY BACK Hydraulic Projects Ltd Legal advisors: Stephens Scown (James Keliher), Wollen Michelmore (Owen Hill) Financial advisors: Francis Clark (Chris Hicks, Steve Collins) Date: April 2014 Location: Torbay MJ Baker Foodservice Ltd Legal advisors: Foot Anstey (Duncan Sykes, George Pawley), Stephens Scown (Lynne Rathbone) Financial advisors: Haines Watts (Ben de Cruz) Date: February 2014 Location: Devon Spinnaker International Ltd Legal advisors: Stephens Scown (James Kelliher, Simon Morris), Foot Anstey (Ken Lewins) Financial advisors: Isca Ventures (Guy Eggleton), Nicklin, PwC (Tom Ayerst) Financed by: Lloyds Banking Group (Andrew Lucas, Richard Davis) Date: October 2014 Location: Cornwall

STOCK EXCHANGE Flybe Group Plc Deal: £155m placing Legal advisors: Ashurst (Jonathan Parry), Eversheds (Simon Masters) Financial advisors: Liberum Capital (Peter Tracey, Tom Fyson) Date: March 2014 Location: Devon Rame Energy Plc Deal: Flotation Legal advisors: Appleby, Chadbourne & Parke, Cruz & Cia Abogados, Watson Farley & Williams Financial advisors: Crowe Clark Whitehill, Northland Capital Partners (Luke Cairns, Matthew Johnson, John Howes) Date: April 2014 Location: Plymouth Rame Energy Plc Deal: £750k placing Financial advisors: Northland Capital Partners (Lauren Kettle, Matthew Johnson) Date: August 2014 Location: Plymouth

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