Streets Corporate Finance Plays Lead Role in Management Buy-Out for Historic Leicester Company

Posted on 5th February 2016 by Streets

Image to represent Streets Corporate Finance Plays Lead Role in Management Buy-Out for Historic Leicester Company

An £11.1 million pound deal led by Streets’ Corporate Finance Partner Neil Gray and Streets Tax Partner Krista Fox, who acted on behalf of the management, secured the management buy-out of E. E. Smith Contracts Limited and Clarendon Fabrications Limited.
Neil Gray commented: “We were delighted to be instructed to act on behalf of the management in this transaction and to help ensure an expedient and successful deal. The sale of a business to a management team, especially those with a vision and appetite for the future,  is often a great way for owners to exit the business or for serial entrepreneurs to move on to their next venture. The deal was a good illustration of this.”

Krista Fox added: “We are delighted to have assisted this transaction. Rodney and Nigel Richardson developed a hugely successful business and it is great to see the handover to a highly capable management team who will take the company through the next stage of its development.”

E. E. Smith Contracts was founded in 1897, and is one of the UK’s leading specialist interior fit-out contractors. The company fits out some of the world’s most prestigious hotels, commercial interiors and private residences. It engineers bespoke, tailor-made interior solutions to the highest quality in its state-of-the-art manufacturing facility located in Leicester, and project manages the fit-outs and installations.  E. E. Smith Contracts’ impressive client list includes Crowne Plaza Hilton, Intercontinental Hotels Group, Grosvenor House Hotel and The Savoy. 

Clarendon Fabrications manufactures and installs bespoke, unique, solid surface fabrications to a variety of sectors including hospitality, retail, healthcare and leisure. The company uses the most modern machinery and manufacturing processes to deliver high quality, solid surface fabrications, ranging from complex fabrications to extreme thermoforming. 

In the role as a lead adviser Neil, along with Streets Tax Partner Krista, advised the client on the deal structure, tax implications and helped secure the funding for the buy-out from Maven Capital Partners and Lloyds Bank Plc.  The Streets’ team worked closely with the legal teams and financiers, including Gateley plc, Freeths, Howes Percival and Lloyds Bank plc involved in the transaction.

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.


The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.

Expert insight and news straight
to your inbox

Related Articles

Settling energy disputes

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security and Net Zero confirmed the

COVID Bounce Back abuse

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director

VAT retail scheme

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the schemes can save ...

You might also be interested in...