Corporate Finance REFLECTING ON 2020 - Clear advice Creative thinking - Ryecroft Glenton
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Clear advice Creative thinking Corporate Finance REFLECTING ON 2020
Highlights
New Additions to the RGCF Team Corporate Finance Award nominations
During 2020, RGCF welcomed three new members to The success of the year was capped off when RGCF was
the team. Rhiannon Nightingale joined as a CF Senior shortlisted for a total of 6 awards at the upcoming NE
Manager, Liz Rothery joined the transactional tax team as Insider Dealmakers Awards 2020, including Corporate
a Director and Tom Cosby joined as a CF Executive. Finance Adviser of the Year (Carl Swansbury), Corporate
Finance Advisory Firm of the Year, Deal of the Year (over
Another busy year for M&A in the region £10m+), Emerging Dealmaker of the Year (Alex Simpson),
Despite the many challenges Private Equity / Venture Capital Deal of the Year and
facing businesses in the North Dealmaker of the Year (Carl Swansbury).
East as a consequence of
Covid-19, RGCF maintained its position as one of the most RGCF’s Trip to Scotland
active M&A advisory firms in the region, being ranked In what turned out to be the final social event before
in the top quartile in Experian’s deal league table for the the first lockdown in March, the RGCF team along with 10
number of deals completed during the year (RGCF was clients and professional contacts descended on Winton
ranked 2nd). Castle in Scotland for a day of
shooting and whisky tasting.
Helping the region’s Businesses
RGCF helped many NE businesses secure the funding they
needed to navigate through a turbulent trading period,
whilst providing much needed strategic advice. RGCF’s
partnership with RTC North enabled clients to obtain
funding toward the cost of this advice.
Although there have been positives to take out of this year, for many in the
North East and across the UK, 2020 was an incredibly tough year, with individuals
and businesses facing significant hardship. We are hopeful that 2021 will be the start of the
recovery from the Covid-19 pandemic and that businesses who have suffered over the past year
can begin to rebuild. As a team we will continue to provide assistance and advice to those struggling in the
region and will support them in this recovery.
New Additions to the RGCF Team
In April, RGCF welcomed experienced CF adviser
Rhiannon Nightingale to the team, who joined as a
Corporate Finance Senior Manager.
agriculture,
Rhiannon, who attended the University of small to medium
Bristol and then qualified as a chartered sized businesses and
accountant with KPMG, high net worth individuals. She
relocated to the North East several years delivers tax advice on a range of
ago. She joins RGCF from Newcastle- specialisms including business succession, estate
based Mayborn Group, a global planning and family trusts.
branded baby and toddler product
company, where she was Strategic Towards the end of 2020, Tom Cosby became
Partnerships & Acquisitions Lead. the latest addition to the RGCF team, joining
as a CF Executive. Tom, who graduated
RG’s transactional tax department appointed Liz Rothery from Newcastle University with a First-Class
as Tax Director in November, to further strengthen its degree in Accounting and Finance, joined
expanding team. RG in 2018 and spent his training contract
working within the Accounting, Audit and
A member of the Chartered Institute of Taxation, Liz brings Corporate Finance teams supporting a
more than 15 years’ experience in both private client broad range of SMEs, operating in a variety
and business tax, covering an array of sectors including of sectors across the region.
Deals
Despite the many challenges the M&A market faced during 2020, the year proved to be a very positive one
for RGCF, with the team advising on a variety of transactions, across a range of industry sectors both within
the NE, and further afield. A selection of the disclosed transactions that RGCF advised on are set out below:
Client Sector Transaction type Location Date completed
Tapered Plus Construction Growth Capital North East Jan-20
International Technology
Venturi Limited MBO North West Feb-20
Staffing
Austin Newport Group Property Services Disposal Midlands Mar-20
Nursing and Care
Primary Care Growth Capital North East Mar-20
Staffing
Pipetawse Ltd (FRP
Steelwork Maintenance Disposal North East Apr-20
Advisory)
Engineering and
Techconsult UK MBO North East Jun-20
Technical Staffing
Premier Roof Systems Construction Growth Capital North East Jun-20
Doby Verrolec Manufacturing Disposal North East Jun-20
International Generalist
Nigel Wright Group MBO North East Oct-20
Staffing
CDCfm Facilities Management Acquisition Midlands Oct-20
Unified
Nice Network Ltd Disposal North East Nov-20
Telecommunications
Project Metallic Manufacturing MBI North East Nov-20
Silent Games Gaming Disposal North East Nov-20
JST Services (Scotland)
Port Services MBI Scotland Dec-20
Ltd
e-Quality Solutions
Education Technology MBO North East Dec-20
Group
e-Quality Solutions
Education Technology Acquisition North East Dec-20
Group
Chameleon Technology Smart Energy
MBO North West Dec-20
(Shard Credit Partners) Technology
WCL Quarries / Drygon 8 Waste Management Disposal Midlands Dec-20
Notable transactions
Comhar Capital’s investment in TaperedPlus Management Buy Out of Nigel Wright Group
RGCF advised the shareholders of TaperedPlus in securing RGCF supported the Directors of Nigel Wright, the largest
a seven-figure investment from Comhar Capital. The specialist recruitment firm in the North of England, with
investment had the objective of enhancing the business’s their MBO of the business. The MBO was part of a wider
technology-led capabilities, increasing employee corporate restructuring which was supported by the
numbers and building its market share in the construction existing majority shareholders Baird Capital Partners and
sector. RGCF worked closely with the shareholders to not Beechbrook Capital. The MBO will provide the opportunity
only advise them on this investment but also to develop for the business to continue to grow its operations and
a clear growth strategy to help the business drive the strengthen its position in key markets.
exponential growth it is targeting in the future.
“We really valued Nick’s advice and counsel, his
involvement always provides a degree of comfort
and extra reassurance throughout a process.”
Mark Ingleson, Group FD / Nigel Wright Group
Management Buy Out of eQuality Solutions
eQS secured substantial investment from London-based
Shard Credit Partners, with the support of RGCF, to fund
the MBO and to provide significant funds for follow on
acquisitions. The business is well placed to grow with Sale of Nice Network to Onecom
ambitious plans to triple revenue through a rapid ‘buy and RGCF advised the shareholders of Nice Network, a
build’ strategy. Since the transaction, RGCF has assisted provider of mobile and telecommunication software and
eQS in completing their first acquisition, of the learning hardware, on the sale of the business to Onecom, the
support service business, Amano Technologies. RGCF will UK’s largest independent business telecommunications
continue to help the business to achieve its ambitious provider. The acquisition of the Sunderland based
growth plans. company established a physical presence for Onecom,
which is backed by leading mid-market private equity firm
LDC, within the North East and will support Nice Network’s
I would highly recommend Carl and his team to plans for continued expansion in the region.
anyone looking to do something similar. His
experience, understanding and communication
skills are second to none. Carl’s approach has Carl and his team recently advised and completed
been logical and practical throughout, with the the acquisition of my company. Throughout the
ultimate aim of making sure a fair transaction was entire process Carl acted in the best interest of
completed for all. RGCF is an excellent corporate his client. He and his team worked tirelessly and
finance partner with a complete service offering diligently. I would describe Carl as a workaholic
and I look forward to a continuing relationship on and very driven to get the job done. I would not
future projects. hesitate to recommend Carl and his Team.
Andy Gough, CEO / eQuality Solutions Chris Lee, MD / Nice Network Ltd
Award Nominations
The team was delighted in December 2020 to be shortlisted
for the following 6 awards at the prestigious upcoming NE
Insider Dealmakers Awards 2020, which are due to take
place in April 2021;
• Corporate Finance Adviser of the Year – Carl • Emerging Dealmaker of the Year – Alex Simpson
Swansbury • Private Equity / Venture Capital Deal of the Year –
• Corporate Finance Advisory Firm of the Year – RG MBO of Alexander Technologies Europe Ltd backed
Corporate Finance by Shard Credit Partners
• Deal of the Year (over £10m+) – Sale of Van Mildert to • Dealmaker of the Year – Carl Swansbury
Rightmove PLC
Thoughts on the year ahead
We hope and expect 2021 to bring about a better year for UK businesses, as the recovery from Covid-19 begins
following the roll-out of the global vaccination programme. Within the M&A market, we expect activity in the first
quarter of 2021 to continue at pace with a notable increase in disposal mandates as shareholders and business
owners look to realise value before any potential CGT changes are announced at the fast-approaching budget on
the 3rd March 2021. If CGT changes do go ahead, we expect Q2 to be more subdued, with the likely increased tax
cost of transacting putting potential sellers off. On a positive note, there is likely to continue to be strong levels
of MBO and MBI activity due to the liquidity in the debt fund market and from Private Equity. We are already seeing
this in the number of MBO and MBI transactions on which we have advised of late, and those that we are currently
advising on which will complete during 2021.
There will be some interesting sectors to watch in 2021 that have come to the fore in the past 12 months, many as
a direct result of the pandemic. For example, with remote working becoming more common, any business that
provides software and hardware solutions for this market will perform well. Mental health and wellbeing businesses
have the potential for further growth as we, as a society, place a greater sense of priority on these areas of our lives.
We will also continue to see M&A activity in the support and professional services sectors, including training and Ed
Tech, facilities management, healthcare, accountancy and legal.
32 Portland Terrace Clear advice, Creative thinking
Newcastle upon Tyne
Corporate Finance
NE2 1QP
Business Tax
T 0191 281 1292 Personal Tax
email@ryecroftglenton.com Accounts and Outsourced Services
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www.ryecroftglenton.com Wealth Management
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in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C006313267.
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