The business, located in the heart of the City of London, provides temporary and permanent secretarial and administrative staff, predominantly to the financial services sector.
This sale was a difficult journey for the vendor. Having originally engaged Anderson Shaw in October 2012, the business generated good levels of interest and Heads of Terms were agreed with a private buyer in 2013. Unfortunately between Heads of Terms and Completion the vendor was advised by its largest client that a master vendor solution was being introduced and as a consequence the deal fell through.
The change in circumstances necessitated the vendor taking the business off the market for a period of time in order to restabilise its financial position. Anderson Shaw continued to provide advice on an exit strategy and was re-engaged to market the business again in March 2015. A sale of assets and goodwill to a trade buyer also located in the City was negotiated and the deal completed in early October 2015.
In order to achieve best value for the business a significant performance related element was negotiated, which the vendor expects to result in the guide price for the business being exceeded.