Clive Owen Corporate Finance celebrates success at North East Dealmakers Awards 2015

We are delighted to announce that our corporate finance team, led by partner, Angus Allan were among those celebrating at the recent Insider Dealmakers Awards held in Gosforth.

The award for deal of the year was given to Visualsoft MBO and we were part of the advisory team who supported and worked on that deal.
Angus Allan negotiated and structured the transaction.  Angus was instrumental in the negotiation process which alone took over three months to complete in order to arrive at a satisfactory deal for both sides.  Angus also arranged the funding package agreed with Barclays Bank.
Barclays Bank led by Aaron Clark funded the transaction through a multi-million pound structured finance arrangement.  This was one of the first sizeable cash flow lending arrangements Barclays has invested in an SME in the region for a number of years.
Endeavour Partnership led by Nik Tunley provided all the legal services required by the management team.  Nik ensured that the legal process of dealing with both vendor solicitors and the bank ran smoothly with completion achieved to agreed timescales.
The transaction was a management buy-out from one of the founding shareholders of Visualsoft UK Limited.  The business is an ecommerce firm that has launched over 1,000 online stores for retail clients across a wide range of sectors since its establishment in 1998.  The MBO was led by Dean Benson with support from the board - Tim Johnson (Chief Sales Officer), Matt Burton (Chief Technology Officer) and David Duke (Chief Marketing Officer).
Angus Allan said, “Visualsoft is an ambitious, fast growth technology business.  Its reputation has been growing on both a regional and national basis with the MBO allowing this to develop at an increased pace.  The Company is a success story for the North East with all advisers also being based in the North East of England.
The Company, which is now looking to add to its existing eCommerce partnerships with the likes of Google, PayPal, Amazon, eBay and Barclaycard, is also targeting a three-fold increase in turnover over the next three years.  We are proud to have worked on this project and with such an inspiring business”
Visualsoft is the largest private company employer in Stockton, Cleveland.  At the time of the MBO, the Company employed 155 people.  The transaction has allowed the management team to accelerate growth and already within the first year following the MBO, the business has employed an additional 50 staff.  In addition, given this business is a technology business, the skill level of these jobs is high further enhancing the reputation of the North East as a technology hub.  The Company has been able to work closely with the local Universities thereby ensuring that talent developed in the local region stays in the local region.