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Case Study: Wholesaler – Importer of specialist clothing items

hats.png The client, a family business, had grown massively by exploiting a niche wholesale opportunity and sourcing goods from abroad.

They had been previously approached by a large business sales group who claimed to be able to sell their business and had then attended their ‘glossy’ seminar. After parting with a substantial fee at engagement, it became clear that the firm, despite its claims of being able to find numerous buyers, was unable to help.

A private buyer was soon introduced but subsequently let down by his bank following the international financial crisis. Hyde House then connected that buyer with a source of funds and continued the price and terms negotiation process.

Heads of terms were agreed and all parties were committed to success., however, the due diligence process unearthed a major issue. A tax specialist had advised the business, to take a tax planning product involving the use of trust funds. Having sought advice from top national tax and accounting firms the buyer was able to illustrate that the potential liability under the trust when closed by the HMRC would be huge. Having taken independent advice to collaborate this claim it became clear that the deal was in serious jeopardy.

Hyde House brought all parties together and a solution involving deferred payment and the use of ESCROW while jointly negotiating with HMRC was found and the transaction and tax issues were successfully concluded.

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