Exit Planning

7th June 2015

Plant Hire Business: Sale successfully agreed.
This plant hire business owner had unexpectedly taken over as managing director of this long established company five years ago, following her husband’s death. Since then she had reorganised the business and improved profitability, but had decided it was now time to retire. Whitings marketed the company for sale and found a number of parties interested in acquiring it. One of these was a local business who was looking to expand and agreement was reached with them.

The Whitings team acted as lead advisors throughout the deal, advising on the structure and drafting the Heads of Terms. We advised on the taxation aspects of the sale, carried out negotiations with the Purchasers and liaised with the Solicitors to ensure a smooth completion.

The sale was completed in July 2016 and has enabled the owner to achieve a financially secure retirement.



 
Other items in Blogs
 
Ben Kilby
1st December 2020 New Version: KEYPrime Version 9.5

If you use the rural business software KEYPrime from Landmark Systems, lookout for the new version of the software 9.5. What are some of the new features?   Batch Entry – A Faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt Bank…

Read More »

Jaimie King
30th November 2020 Utilising the share premium account

For some privately owned companies, negative profit and loss reserves means that they are unable to pay out dividends as they do not have enough distributable reserves. However, they might have a significant share premium reserve, which is a non-distributable reserve. The Companies Act 2006 allows a private company to utilise the share premium account…

Read More »

Chris Ridgeon
30th November 2020 Is DISS about to appear!

A Directors Income Support Scheme (DISS) is being recommended by a consortium of professional bodies to the Government.   The proposal would see this running along the same parameters as the Self-Employed Income Support Scheme (SEISS), updated details of which are now emerging from HMRC. Under the SEISS scheme sole traders and partners of partnership…

Read More »

Richard Alecock
30th November 2020 Making Tax Digital for Income Tax – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

Read More »

Millie Hunt
26th November 2020 Deferral of VAT payments

At the start of the pandemic, HMRC allowed businesses with a VAT liability falling due between 20 March and 30 June 2020 to defer their payment. Over half a million businesses benefitted from the measure, deferring more than £28 billion in VAT payments.   Originally, businesses were required to pay the deferred VAT in full…

Read More »

Lisa Smith
26th November 2020 SEISS 3rd Grant– Guidance issued on how trading conditions affect eligibility

To be eligible to claim for the third Self-Employment Income Support Scheme (SEISS) grant you must either:   be trading and impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.   To help businesses understand whether they are eligible for the 3rd SEISS…

Read More »