A Blackburn accountancy firm has been instrumental in helping a kitchen company to sell their business.
PM+M acted in a deal that saw The Kitchen Equipment Company Limited, Kitchequip, acquired by Aureus Acquisitions for an undisclosed sum.
Headquartered in Burscough, Kitchequip was established in 1993 and has grown to become one of the UK’s largest independent national commercial catering equipment distributors, offering bespoke design and fit of commercial kitchen solutions.
The deal will see vendor Darren Hall remain in the company in his new role as managing director, whilst shareholder, Iain Moir, plans to retire.
The company’s client base spans many sectors including restaurants, hotels, schools, hospitals, universities, football stadia, colleges, cafes, care homes and garden centres. Some of its most well-known clients include a number of premier league clubs, the NHS and the Alchemist.
Aureus Acquisitions is a boutique mergers and acquisitions firm based in London which focuses on acquiring SMEs in a variety of sectors.
Ryan Bilsborough, corporate finance manager at PM+M, worked closely with Kitchequip’s shareholders from the outset and led the deal to a successful completion; Jane Parry, head of tax at PM+M, provided full tax support; whilst Ross Uttley, assistant manager in the accounting team, delivered accountancy and due diligence support services.
Iain Moir, Kitchequip’s managing director, said: “We are grateful to PM+M’s corporate finance team for their advice and guidance and helping us to successfully conclude the sale to Aureus.
"Having met with multiple interested parties we knew from our first contact with Aureus that they were very likely to be the favoured bidder.
"We are very proud of what we, and the superb Kitchequip team have achieved in developing a tremendous platform for Aureus to build from."
Darren Hall said: “I am looking forward to taking over the reins from Iain, who made the company what it is today and wish him all the best for his well-deserved retirement.”
Ryan Bilsborough added: “It has been a pleasure to assist the vendors in the sale of their shares to Aureus Acquisitions.
"Once again PM+M’s corporate finance, tax, accounting and financial planning teams have worked together to maximise and protect the value for the vendors throughout every stage of the process.
"I wish Iain and Darren all the best for the future and thank them for choosing PM+M to assist with the sale of their business.”
Leading independent law firm Brabners provided legal advice to the shareholders of Kitchequip.
Mairead Platt, senior associate in the Brabners corporate team, said: “It’s been a pleasure to work with Iain and Darren, alongside PM+M, to help facilitate a deal which will allow Iain to retire while giving Darren the opportunity to contribute to an exciting new phase of growth as part of Aureus Acquisitions.”