Change of Ownership

A plc company was sold to a German company.

The original deal was to be a straight transfer of share ownership; however, the new parent company was unwilling to take over the unlimited liabilities associated with the group final salary pension scheme. The deal became a sale of assets and liabilities to a dormant UK company that had been part of the Group. This involved a lot of additional work and had to be completed in one month.

We assisted the Financial Director with the detailed work required to ensure that the new company was ready to start trading on time.

We had to liaise with the company bankers and VAT office, investigate new insurance cover, review a new group reporting requirements and Nominal ledger structures negotiate with Credit reference agencies to transfer previous status notes, and inform these changes to suppliers and customers.