Mon, 24 Sep 2012 | MBO/MBI
A management buy-out has seen the Edinburgh-based side of finance firm Quayle Munro sold for £1.
The company confirmed that its Scottish project advisory business was sold to senior management in Edinburgh to allow the firm as a whole to focus its efforts on the London business.
The sale was initially announced in July after a “comprehensive review” found that it was not possible to justify the costs of continuing to run the Scottish operations. In making the sale, Quayle Munro claimed that it spent £1.2 million in redundancy, property provision costs, professional fees and other expenses.
Quayle Munro Project Finance (QMPF) was established by the senior management in order to make the buy-out. In return for giving Quayle Munro a 30 per cent interest in the newly-founded company, QMPF will receive £375,000 in cash for working capital, as well as a loan facility of up to £375,000, which will be repayable by June 2015.
Andrew Adams, Quayle Munro Holdings chief executive, commented on the sale: “We are pleased to have completed the disposal of our project advisory business to our former colleagues in Edinburgh and we wish them well in the future.
"Quayle Munro will now focus its efforts on continuing to develop the London-based corporate finance business. The prospects for our London business remain positive."
Their versatile offerings include custom rafted joinery products such as elegant doorsets, stylish TV and media units, functional desks, ingenious shelving and storage solutions, luxurious bed surrounds, stunning timber staircases, sophisticated engi...
As a specialist in Italian Motorcycle Parts and Accessories supplies, the business has developed expertise in sourcing and offering a comprehensive range of high-quality products.
The successful purchaser will acquire a fast-growing, leading independent recruitment agency, providing temporary, fixed-term contract, an permanent positions and solutions across various sectors nationwide.
30
|
Apr
|
RMT Accountants acquires agriculture and farming accountancy | BUSINESS SALE
Newcastle-based RMT Accountants & Business Advisors has acqu...
30
|
Apr
|
Environmental services firm secures PE backing | BUSINESS NEWS
Adler & Allan, a provider of environmental risk reduction se...
30
|
Apr
|
Storage firms target expansion after merger | MERGER
Two storage companies have announced a merger to create a ne...
13
|
Mar
|
Charterhouse mulls sale for stockbroker Wood Mackenzie | BUSINESS SALE
Charterhouse is considering a sale of long-established Edinb...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.