Member Article

Record year for Midlands corporate finance team

A string of sales, acquisitions and management buy outs has seen a record year for a Midland accountant’s corporate finance division.

Harrison Beale & Owen’s (HB&O) corporate finance team has supported clients on 38 projects over the past 12 months – its highest workload since the service began in 2013 and an increase of over 50 per cent on the previous year.

The service advises owners of SMEs on selling their business, purchasing other businesses and raising finance for investment or expansion. To meet demand, the corporate finance team has also drafted in two further staff.

This includes Mark Edwards who, after 40 years in the banking industry, is leading a broking service to help clients finance deals, and he is joined by Sam Joyce.

The duo will assist Greg Philp, Head of Corporate Finance, and Jason Hydon, who leads HB&O’s financial due diligence offering.

Greg said the rising number of deals over the past year are being driven by a range of factors.

He said: “Out of the 38 projects we’ve assisted our Midlands-based clients on, there have been 15 sales and 15 acquisitions.

“It’s not only been a fantastic year of growth for us, having Mark’s finance broking expertise on board sets us out from the competition and it is further proof that our region is a great place to do business.

“A lot of owners who were planning to retire before the financial crash are now looking to finally exit their business after steering it through a difficult period, while business owners younger than the normal retirement age are also looking to sell up because of a lifestyle choice or the uncertainty surrounding Brexit.

“I’m also seeing an increasing number of management buy outs, particularly over the past twelve months, as owners want to be able to hand over to a team that they know well and can trust.

“Larger companies are now realising that there are some great SMEs out there and making acquisitions is a fantastic way to expand their expertise, market share and geographical location.

“Interestingly, I’m noticing a number of European overseas businesses that are looking to establish a presence in the UK ahead of exiting the EU, with the weak value of the pound being one reason that international businesses have the confidence to invest further here in the UK.

“Purchasers, generally, are taking a more considered, analytical approach, which is why the average time for concluding a deal is now taking up to 12 months.

“I’d urge anybody looking to sell or buy a business to make sure they have a financial expert on their side to ensure they can navigate various obstacles in the process.”

This was posted in Bdaily's Members' News section by Matt Joyce .