Archived News

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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’.

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MSA Have The Prescription For Success

27th April, 2017

Over the last five years MSA Global Holdings Limited (‘MSA’) has continued its expansion of pharmacy businesses throughout the West Midlands and Worcestershire. Having only purchased the Droitwich pharmacy in 2015, Manor Park Pharmacy in 2016, MSA started negotiations with the owners of Anichem Limited (‘Anichem’) this year. Anichem owned pharmacies within Nuneaton and Rugby.

MSA have built up their revenue to over £40 million with offices in Europe (United Kingdom and Germany), Africa (Uganda and Djibouti) as well as strong sales into the Middle East. The Group has expanded its focus from pharmaceuticals to medical devices, dental consumables and supplies to veterinary practices. The Group projects to reach £60 million revenue by 2020.

Shan Hassam, Managing Director at MSA, said that “having purchased many pharmacies over the last few years you would naturally expect the process to become easier, but there are always new challenges, especially in a sector which is facing constant change. That said, with the right team of advisers to support us we achieved the ultimate goal. We’re also excited by the new proposed Health Centre in Rugby and are keen to expand our services there to provide patients with the very best service possible.”

Manny Sahota, RMY Clements Limited, said that “having worked as MSA’s accountants for a number of years it is great to see how their business has developed and grown from strength to strength, and I know that with the new acquisition of Anichem MSA’s brand will continue to energise the pharmacy sector”.

Colin Rodrigues, Corporate Partner at Hawkins Hatton, said that “with the recent cut backs in the pharmacy sector, consolidation is happening more frequently, but the key is to find good pharmacies with the ability to adapt to the changes that the sector is facing. As such I know Anichem will be the right fit for MSA”.

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Just What The Doctor Ordered

27th April, 2017

Raylane Limited (Raylane) has been an established pharmacy operator for over 25 years, with pharmacies across the West Midlands. Raylane comprised of four pharmacies throughout the Black Country supplying both NHS and private prescriptions. Raylane has continued its expansion by acquiring three community pharmacies in Gloucestershire.

Raylane was supported in this transaction by Barclays Bank who helped fund the acquisition. Whilst legal support was provided by Hawkins Hatton Corporate Lawyers.

Dinesh Patel, Managing Director of Raylane, said “this transaction, having taken longer than anticipated, completed on an auspicious day for me and now having acquired the new pharmacies Raylane will continue to meet the needs of patients both in the Midlands and further afield”.

Mani Patel, Relationship Director at Barclays Bank, said “Barclays specialist team of healthcare advisers have a good understanding of the sector and as such were able to assist Dinesh with all of his needs”.

Colin Rodrigues, Partner at Hawkins Hatton, said “Every deal has its own peculiarities, and notwithstanding the primary deal revolved around the acquisition of three pharmacies, there were wider issues which needed to be addressed. In this case, wider issues threatened completion, but with commercial foresight we were able to prescribe the perfect cure to these issues before they became fatal”.

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The Successful Bonding Of Two Chemical Businesses

28th March, 2017

Assured Solutions Limited (Assured) has long since been one of the Midlands’ leading ‘Own Label’ chemical manufacturers, providing a wide range of cleaning products, from domestic and household products to industrial products. As part of its offering Assured provides CLP compliant labelling and packaging, as well as carrying out Research and Development. This R&D is at the core of every product sold by Assured. Indeed, one of the key factors of its success is the rapid research and product development it undertakes for its clients, and its ability to bring new products successfully to market which assists its clients to stay ahead of their competitors.

As part of Assured’s growth plan, the company has now merged with one of the Midland Regions leading industrial and commercial cleaning chemicals manufacturer, MSH Chemical Manufacturing Limited (MSH). MSH is based in Dudley, and has been trading successfully for over 30 years and has created a strong name and reputation within the chemical sector.

Raj Naik (Director of MSH) said that “from our production facility in the Midlands we are able to service customers and markets across the country. With our own fleet of delivery vehicles and long established relationships with our couriers we are able to provide a safe, reliable and secure shipping service”. It was a natural progression for MSH to merge with a business like Assured, as this complimented and strengthened their offering both nationally and globally.

Colin Rodrigues (Corporate Partner at Hawkins Hatton) said that “as with most deals there is always a magic formula, and Raj managed to find this”.

Robert Taylor (Relationship Manager for Manufacturing at Lloyds Bank Plc) said that “At Lloyds Bank we are committed to supporting manufacturing businesses, and MSH is no exception. It has always been an ambitious business, focusing on its customers, and driving long-term growth. Underlining our commitment to helping Britain prosper is why we helped fund what is going to be a successful merger for MSH”.

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Home To Home

28th March, 2017

TML Housewares Ltd is a family owned business, and has been a long established customer of Lloyds Bank.

TML manufactures plastic storage boxes and housewares which are used as everyday items throughout the country, such as storage boxes, bowls, mop buckets and other associated kitchenware products. Being a successful manufacturer, TML sells into many of the UK’s independents and to PLC’s such as Poundland and Home & Bargains.

The next step for TML is to continue expansion of its products and have an ongoing investment programme in plant and machinery. To allow for such expansion, TML took the opportunity to purchase additional commercial premises with the support of Lloyds Bank. This step has also created further employment opportunities within TML.

The Directors of TML, Jagtar Narle and Jaspal Johal said “The new premises will enable increased capacity within the business, facilitating an increase in turnover of 10-15%.”

Natasha Bhardwaj (Commercial Property Lawyer at Hawkins Hatton) said “Finding a new home for TML would have been difficult, so creating an extension to their existing premises by purchasing neighbouring properties was the perfect solution for TML, much like the products that they sell”.

Mark Meakin, Relationship Manager at Lloyds Bank, Manufacturing said: “We’ve been helping businesses to grow and expand for over 250 years and when it is for a client who I have worked with for over 15 years, it makes the process even more rewarding”. “We are committed to supporting small to medium-sized manufacturers like TML and creating long-lasting relationships”.