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X-Ray Specs

6th December, 2017

Wolverson X-Ray (“Wolverson”) has been established for 85 years and is the leading independent supplier of innovative imaging equipment and associated healthcare products. Wolverson has always prided itself on providing quality and value to the NHS and private health care consortia through the supply of technically advanced imaging products.

In order to help Wolverson continue to keep ahead of business demands and remain as the market leader in this sector, the shareholders of Wolverson proceeded with a management buy in (“MBI”). The MBI was led by Andrew Hodgetts along with Graham Haslam, Frank Cousins and Gurpal Matharu, who are now the new directors and shareholders of Wolverson, with their X-Ray specs on they knew the future prospects for the business. Andrew Hodgetts commented that “when you have a business like Wolverson, which has been going as long as 85 years, you do not suddenly become the new business owner, instead you are the custodian of the business for the next generation and as such, it is our duty to help maintain the well-being of Wolverson so it will continue for another 85 years.” Graham Haslam commented “it is not just how long the business has been going, but all about innovation and development and the directors and I are fully committed to continue to help innovate and develop Wolverson for the benefit of all Wolverson customers and employees.”

In order to fund the MBI, Wolverson obtained funding from HSBC and were assisted by Hawkins Hatton Corporate Lawyers Limited. Debbie Harper (Area Director, Business Banking at HSBC) said: “Funding for the future is a core part of what we do at HSBC and Paul Dawson worked hard to structure a deal for the MBI team. We look forward to working with Wolverson as the team continues to build the business for future generations.”

Colin Rodrigues (Corporate Partner at Hawkins Hatton Corporate Lawyers) stated “as with any corporate transaction, the key to success is to ensure that the instructions from the clients are fully reflected within the legal documentation. A lot of time can be spent arguing over clauses when in reality, the practical and commercial approach soon distils any issues within a contract so they can be agreed between principals.”

The directors of Wolverson particularly recognised the input of the outgoing directors, Peter Davies and David Young, stating that “Peter and David have been fantastic role models to us as demonstrated by the growth of the business during competitive times in the healthcare business. We will always be grateful for their achievements and will aim to continue to progress the business to these high standards.”

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Drive In Keeps On Rolling Forward

29th September, 2017

Drive In Autocentres (Drive In) has long been known for MOT testing and tyre servicing within the Black Country. For over 25 years it has operated from its depots in Blackheath and Halesowen. Barclays, a keen supporter of SME Businesses in the region, assisted Drive In by funding its acquisition of the premises in Blackheath.

Drive In used Hawkins Hatton Corporate Lawyers to assist it through the legal process and to negotiate all commercial aspects of the acquisition.

Trevor Kelleher, Managing Director of Drive In, said ‘Having secured the Blackheath premises it means we will now have an even more secure base to continue expanding and providing a service second to none within MOT testing and tyre servicing within the Black Country’.

Chris Perrins, Business Manager at Barclays Bank, said ‘It is always good to see a SME business continue to thrive and with the ever-expanding number of cars on the road, it is nice to know that we have customers who do their best to service the needs of the general public’.

Colin Rodrigues, Partner at Hawkins Hatton, said ‘It takes a lot of insight to look forward in any business and continue to grow. In these times of low interest rates, it makes commercial sense to borrow monies to secure commercial property’.

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Scaffolding Reaching New Heights

18th September, 2017

Metal Spraying (UK) Limited (“Metal Spraying”) is the Midlands leading manufacturer and supplier of construction equipment, based in Wolverhampton, and supplies two of the UK’s main scaffolding companies. Metal Spraying has always prided itself on providing unparalleled levels of service enabling it to supply its customers with bespoke products.

Metal Spraying has recently acquired Scaffolding & Construction Products Limited (“SCP”) from Alumasc Group plc (“Alumasc”) in order to continue to expand its national foot print. SCP has established itself as a leader in its field as a supplier of non-mechanical construction equipment both in the UK and internationally.

This deal created one of the largest construction product suppliers in the UK with a group turnover in excess of £20 million.

The deal was funded by HSBC and arranged by Partho Bose, Senior Relationship Manager. HSBC Area Director for Business Banking in the Midlands, Steve Peart, said: ‘HSBC has a £10bn fund to support SMEs in the UK and we are committed to helping British businesses like Metal Spraying take the next step in their business ventures. We look forward to our continued work with Metal Spraying and to seeing the business grow over the coming years.’

Legal support was provided by Hawkins Hatton and Colin Rodrigues (Partner) said: ‘on the face of it, a deal of this kind looks simple, however it is always challenging to ensure that the commercial negotiations fully address the legal risks involved for both parties. I was pleased that we covered both of these bases and still delivered the deal within a very tight timeline for both the bank and Metal Spraying’.

Ranjit Dale of Metal Spraying said: ‘This deal will generate additional business and employment opportunities within the Wolverhampton area, which is extremely important to a local company such as ours. This demonstrates why the Midlands is the beating heart of UK manufacturing’.

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Hawkins Hatton's Free Trade Dinner At Weston Park On Thursday 23rd March 2017

21st August, 2017

Photographs of the attendees of Hawkins Hatton's Free Trade Dinner at Weston Park on Thursday 23rd March 2017.

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Morris Corfield Plough Through

11th August, 2017

Morris, Corfield & Co. Limited (Morris Corfield) is a leading supplier of agricultural machinery in Shropshire, Herefordshire and Cheshire. Morris Corfield has created this reputation via dedicated support for high tech machinery and investment in highly trained technicians. It is a main dealer for CLAAS, a €3.6 billion manufacturer.

In order to keep up with growing demands, Morris Corfield purchased a new site on which it is developing a purpose-built warehouse and offices, with the help of Hawkins Hatton Corporate Lawyers and funding from HSBC. The new site will be its hub for Herefordshire.

Colin Rodrigues (Partner at Hawkins Hatton) said ‘throughout the transaction, foresight was required in order to pre-empt any issues that might arise during the transaction and thereafter during development of the site’.

Jon Forster (Relationship Director, Corporate Banking) said ‘it is imperative for the bank to meet the commercial needs of its customers, and when HSBC has a blue chip customer such as Morris Corfield bank support becomes even more crucial, to ensure its continued expansion into the future'.

Oliver Morris said that 'thanks to this development we will soon be able to support our Herefordshire customers in the same way that HSBC and Hawkins Hatton have supported us’.

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Casting A New Future

13th July, 2017

Investacast Limited is one of the UK’s leading suppliers of investment castings with over 50 years’ experience in the sector, covering industries such as aerospace, automotive, marine, communications, military, oil and gas and electronics. Investacast’s approach is one of a holistic service from design, research and development to final production and stock holding. In order to service its clients, Investacast operates from its Ilfracombe-based foundry and has supply chain partnerships throughout Asia, providing ISO9001 accreditation and guaranteeing quality which is second to none.

The founding shareholders of Investacast wanted the business to move to its next stage of growth and development, and as such proceeded with a management buy in (‘MBI’) earlier this year. The MBI was led by Alistair Schofield (Managing Director of Expromet Technologies Group Limited). Alistair Schofield said ‘looking at the pedigree of Investacast, this is one of the UK’s top precision casting businesses and it is a great pleasure to become part of the management team to assist in the continued growth of the business at a national and international level’.

In order to fund the MBI Expromet approached HSBC, given its background and expertise in the manufacturing sector. Martyn Drayton (International Relationship Manager at HSBC) said: ‘As a global bank and, given Investacast’s global connections, it was only natural for us to assist in funding the transaction, which was achieved through a mixture of debt and structured working capital facilities’.

Colin Rodrigues (Corporate Partner at Hawkins Hatton) said ‘when acting for the bank, as we did in this transaction, it is always important to strike the right balance between ensuring the bank is fully protected and meeting the commercial needs of the customer’.

Jat Najran (CF Adviser at M&A Business Transactions) said that ‘it was a delight to work with Alistair and the team, to help support and guide them through this exciting chapter. It has been great to be involved in a deal like this, advised and funded by the Midlands corporate finance community, and I look forward to seeing them go from strength to strength’.