Leading regional accountants and business advisers Price Bailey have played a leading role in securing the successful business sale of clients Derbyshire Veterinary Services to Independent Vetcare (IVC) – one of the largest veterinary practice groups in the UK.
The Strategic Corporate Finance team at Price Bailey was asked by Ashbourne-based Derbyshire Veterinary Services to provide independent advice on the sale of the business, appraising deals already offered by potential buyers before exploring the wider market and negotiating on the clients’ behalf.
Strategic Corporate Finance Partner Stephen Reed, who led on the deal for Price Bailey, said tax planning had been key to securing a successful outcome.
“We were engaged as lead advisors to manage the sale process, which included liaising with solicitors, a pension fund, acquirers IVC, insurance brokers, and also HMRC, as a restructure was needed as part of the process,” explained Stephen.
“We worked closely with the clients to develop a sequence of events for various parts of the transaction. We were able to deliver expert independent advice, provide a dedicated member of our team with experience of working within a veterinary consolidator as a key point of contact to fully project manage the sales process resulting in a deal that was designed in a tax-efficient manner.”
Price Bailey has provided business tax planning advice for Derbyshire Veterinary Services – who were represented in the sale by James Sage at FBC Manby Bowdler LLP solicitors – as well as providing personal tax planning services for each of the vets and their partners.
Quote from Derbyshire Veterinary Services;
‘‘As well as the professional approach of Price Bailey ensuring that we achieved the best price, and the most tax efficient process, the individuals at Price Bailey were invaluable for their calm and thoughtful demeanour in all areas of discussion and negotiation. The reassurance of having them available throughout the sale took a lot of the pressure away from us in the business.’’