Accountants predict bright future after great end to the year

A STRING of successful deal completions in 2015 sees North East-based accountancy practice Tait Walker celebrating another great year and predicting a prosperous 2016 for businesses.

Tait Walker’s corporate finance team assisted with 15 high profile deals for local companies throughout 2015 and aren’t slowing down for Christmas as it expects to bring the total number of deals up to 19 by the end of the year.

Funds were raised for a range of expanding businesses in the region, including Newcastle-based IT Services Company Atlas Cloud, who secured £1.5m of investment from new shareholders in the North East and London, fueling further growth, doubling the size of its workforce and positioning itself as one of the UK’s leading IT firms in June 2015.

The team also assisted a management buyout for Middlesbrough-based pharmacy group Knightingales Ltd which acquired its third pharmacy AC Moule and Co, with the owners complimenting the accountancy practice for the speed and quality of their guidance and delivery.

The same quick-turnaround secured the sale of Darlington based car dealership Blacks Autos to Gateshead based Vertu Motors PLC in just four months, from initial discussions to completion.

Other deals include the multi-million pound disposal of MKW Group, an engineering firm in Ryton to a parent company GA engineering group in Dundee and providing the tax advice for the sale of Hartlepool based historic carpet manufacturer Whitstone Weavers Group to Victoria PLC. It was a deal worth up to £13.7m, enlarging the annual turnover of the group to more than £200m.

Tait Walker also advised CAV Aerospace, leading suppliers of precision machined parts in the aerospace industry and the Tanfield Group, a manufacturer of battery powered vehicles over the course of the year.

The corporate finance team is predicting a strong year ahead based on the very high activity levels in Q4 of this year.  It has also highlighted growing confidence in the region’s marketplace with improved access to funding such as the £120m from renewed regional JEREMIE funds, which will go towards a resurgence in the North East economy.

Tait Walker partner Michael Smith said: “The mood in the marketplace is improving and the deals completed this year show there is great confidence in the region. The next tranche of JEREMIE Funding has hugely positive implications as does the marked increase in the number of banks willing to fund North East businesses.

“From discussions with our clients and looking at the corporate finance team’s current pipeline of activity, the future looks very positive. We’re certainly looking forward to working with some great businesses over the next 12 months”

Reflecting its confidence in the region’s deal activity, the firm continues to expand its corporate finance team and is always looking for enthusiastic new recruits.

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