A MIDDLESBROUGH-based pharmacy group is gearing up for further expansion after completing its third acquisition with the help of local advisers .
Tait Walker’s corporate finance team and Archers Law assisted joint owners of Knightingales Ltd, David Jarvis and Kevin Simpson, to secure funding from Lloyds Bank for the purchase of A C Moule and Co.
Tait Walker’s Steve Plaskitt led the team who provided a business plan for the funders, prepared forecasts for the owners and worked with David Adams and the Business Team at Archers Law who led on all legal proceedings.
Steve Plaskitt, corporate finance partner at Tait Walker said: “We’re really pleased with how this deal went. Following detailed analysis of the pharmacy and financials the deal was completed on schedule, the final valuation was as expected and all legal processes went smoothly.
“We’re really happy this has gone so well for David and Kevin, this will mean the Knightingales Group can continue with their expansion plans. We regularly work with SME’s and we’re proud of the support we give them in the North East, it’s a sector we will continue to back.”
Kevin Simpson, co-owner of Knightingales Ltd said: “Knightingale’s has had a long standing business relationship with Tait Walker. The acquisition of A.C Moule and Co proved problem free and was completed to the vendor’s timescale. It is comforting to have a team of professionals to call on to ensure that corporate objectives can be met to agreed timescales.
“We will continue to develop business opportunities to our mutual benefit. We should also like to acknowledge the roles played by our Corporate Lawyer – David Adams at Archers Law and The Healthcare team at Lloyds/Bank of Scotland and in particular our relationship manager Lisa Hay.”
Lisa Hay, relationship manager at Lloyds Bank Commercial Banking, said: “Kevin and David have been experiencing phenomenal growth with their pharmacy group. It’s great to be able to help with their plans for the future and we are aiming to help more companies achieve their full potential through our SME Charter, which includes a pledge to lend an additional £1 billion net to small businesses every year until 2017.”
David Adams, Partner and Head of Business Client Services at Archers Law LLP says, “This is an excellent acquisition for Kevin and David and we are delighted to have assisted them in their continued expansion plans. All aspects of the deal from the financials to the legal process went smoothly.”