TSP Director, Mary Anne Fedeyko and her team of Corporate and Commercial solicitors at Thompson Smith and Puxon (TSP) recently acted for longstanding clients Jonathan and Mark Fagg, the owner and directors of E.S.C. (Europe) Ltd (ESC), on the sale of 100% of the share capital of their successful leisure products business to Tandem Group plc.
The initial consideration for the sale of the shares was £2.1 million paid in cash on completion with a post-completion adjustment for net assets in excess of or below £1.5 million following the preparation of completion accounts. The TSP team also negotiated the terms of the additional cash consideration of up to £0.75 million payable over the next 12 months, subject to ESC fulfilling profitability criteria.
Commenting on the sale of their joint 100% shareholding in ESC, Mark and his brother Jonathan said “We have worked with Mary Anne and the team at TSP for a number of years now and have always found them very easy to work with. As far this sale was concerned the team gave solid commercial advice and were happy to work for as long as it took to get the deal done, making the whole process much easier for us.”
Mary Anne Fedeyko added “All parties to the deal worked very well together and remained focussed on completing the sale in a relatively short timeframe. It was a pleasure to guide Mark and Jonathan through the sale of their very successful business.”
TSP’s Corporate and Commercial team work with businesses from start-up and fundraisings through to acquisitions and disposals. The team’s work has been given recent recognition through its 2015 Legal 500 recommendation as being “responsive, flexible and proactive” with Mary Anne and fellow TSP Director Nick Mayles being recommended lawyers in their field..