Established some 50 years ago, this Company provides electrical contracting services to a wide range of Local Authorities, Main Contractors and Corporate clients. One of the owners wished to retire and the other was happy to stay on for an extended handover period before moving on.
Anderson Shaw was first engaged to sell the Company in 2013. Following a delay, when the sale was put on hold because of a downturn in our client's performance, an offer was received and accepted in early 2015. Unfortunately, the offer failed to complete, substantially because of a problem with the buyer's funding which we judged and our clients agreed, made the proposed deal untenable. On average, we find that offers fail between Heads of Terms and Completion around 25% of the time.
Murphy's Law being what it is, this failed sale was followed by another period of under-performance for our client. However, we secured another agreed offer in March 2017 and this finally completed in Q1 2018. This was one of the longest completions we have experienced and was a result of issues on both sides. In order to bring the deal to completion it required a great of careful management on our part and patience and flexibility on the part of the both parties!
This case study demonstrates Anderson Shaw's commitment to its clients - we will not give up on a client even if the sales process, through no fault of ours, takes 5 years or more and we were really delighted to finally get this one 'over the line'.