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May 2016

Kingston Smith advised on due diligence for Portico acquisition of estate agent Spencers

Kingston Smith is pleased to have provided financial due diligence and advisory services to London estate agent Portico on the successful acquisition of Spencers. The transaction was funded by Clydesdale Bank.

Spencers is an estate agent comprising eight branches located across East London. Its acquisition represents a significant development in Portico’s strategic expansion plans, taking their total number of offices to 20, with around 200 employees.

Robert Nichols, Managing Director of Portico, said: “Kingston Smith Corporate Finance team were a pleasure to work with and carried out our due diligence requirements quickly and efficiently. Their taxation expertise proved particularly useful over the course of the transaction.”

Matthew Meadows, Corporate Finance partner at Kingston Smith, commented: “We are delighted to have supported Portico in this substantial acquisition that supports their future growth plans. Robert was very open to our commercial advice, as well as our assessment of Spencers’ financial position, its future prospects and forecasts.”
May 2016

Kingston Smith advised on Management Buy Out of Temco Facility Services Limited

Kingston Smith has advised Andrew Philpot in the Management Buy Out (MBO) of facilities management company Temco Facility Services Limited (“Temco”). The transaction was supported by Bank Leumi.
Temco is a £6 million facilities management business whose clients are located across the UK, predominantly in London and the South East. Andrew Philpot, Temco’s managing director, was offered the opportunity to acquire it when the holding company was sold to international facilities management group Atalian earlier this year. Kingston Smith Corporate Finance was appointed in February and completed the acquisition eight weeks later, having secured four offers of financing.

Andrew Philpot said: “Kingston Smith has been our auditor and tax adviser for a number of years so when the chance came to acquire the company, I was delighted to hear that the Corporate Finance team were on board. The team understood exactly what I wanted and worked tirelessly to achieve it. We look forward to working with them in future as the business grows.”

John Cowie, Partner at Kingston Smith Corporate Finance, added: “It was a pleasure working with Andrew to bring this transaction to a successful conclusion. For the right business, there are a number of banks who are clearly looking to lend into MBOs and the offer from Bank Leumi ticked all the right boxes.”
October 2014

Kingston Smith Corporate Finance advises on the sale of Lexington Catering Limited to Elior

Having worked with Lexington for many years providing strategic advice and support to their growth strategy, we are pleased to announce that Kingston Smith have advised the stakeholders of Lexington Catering Limited on their sale to the Elior Group.

Founded in 2002, Lexington has grown to revenue of more than £30 million. Its 650 employees provide catering services to prestigious City clients such as the London Business School, the Royal Bank of Canada, Savills and Rothschild.

Founded in 1991, Elior Group is one of the world’s leading operators in the contracted food and support services industry; generating revenue of €5,016.9 million in FY 2012-2013 through 17,500 restaurants and points of sale in 13 countries.

Tim West, Chairman of Lexington commented “Marc and Matt have started working with us soon after we started our business; providing advice and ultimately preparing our business for sale as well as supporting us all the way through the sales process. Kingston Smith has been instrumental in ensuring that we exited at the desired value in our preferred timeframe. They also ensured that the buyer fully understood the value of our business from the outset and provided strategic advice throughout the process. We were confident that the Corporate Finance team had our best interest in mind due to the longstanding relationship we developed.”

Marc Fecher, Partner at Kingston Smith, noted “We are delighted that we could support the Lexington Catering team in this strategic and exciting transaction. We have been advising Tim and Mike for many years and are very familiar with their business. We are thrilled that Lexington will continue to thrive under the new ownership.”

The transaction was led by Marc Meadows and Matt Meadows, partners of Kingston Smith Corporate Finance.