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Acquisition of Westcliffe Care Home

What Was The Nature Of The Deal? 

The acquisition of Westcliffe Care Home in Radcliffe on Trent, Nottinghamshire

Tell Me More About The Parties Involved

Simon and Fiona Hodgkinson were looking to enter the care sector and had identified Westcliffe Care Home, a 19 bed residential care home for the elderly in Radcliffe on Trent, Nottinghamshire, as a potential target.  They had approached Roger Harcourt of Shakespeare Martineau solicitors to assist them with the acquisition.

How did HSKS Greenhalgh Corporate Finance get involved?

Having previously worked on similar deals with Colin Peacock and his team at HSKS Greenhalgh Corporate Finance, Roger Harcourt recommended them to Simon and Fiona.

What was HSKS Greenhalgh Corporate Finance’s Role?

Working with Roger Harcourt, the HSKS Greenhalgh Corporate Finance team were responsible for leading the deal through to completion.

This entailed:

  • Initial contact with the vendor and their advisors.
  • Obtaining and reviewing sales particulars.
  • Preparation of forecasts and discussing these with Lloyds TSB Bank in order to obtain funding for the acquisition.  
  • Formulation of an offer for the entire share capital of the target company.
  • Managing the financial due diligence process including discussion with the vendor and their advisors.
  • Liaison with Roger Harcourt of Shakespeares in respect of legal matters.
  • Providing tax advice to Simon and Fiona via HSKS Greenhalgh's dedicated tax specialists.
  • Keeping all parties informed and updated throughout the deal process, culminating in a successful conclusion.
  • Preparation of completion accounts, negotiating with the vendor and their advisers and agreeing the final position.
What happened once the deal had been completed?
Post completion, HSKS Greenhalgh were able to provide specialist advice to Simon and Fiona in the form of a capital allowances claim which resulted in an additional £168,000 worth of allowances being identified.
This opportunity presented Simon and Fiona with an ideal entry into the care home sector and the transaction itself was a pleasure to be involved in, with all parties working well together, leading to a successful conclusion.  Furthermore, with our specialist knowledge of the sector, we were also able to provide specialist tax advice to Simon and Fiona post-completion, which resulted in a substantial tax saving, and we continue to provide support and advice to them.