12 November 2019
A&C Art Limited is doing very well and Collette’s own artwork is in high demand! Arti and Collette are aware that their main competitor, Leonardo, is looking to sell his business and retire.
As BTO are now very familiar with their business, Arti and Collette approach BTO’s corporate team to obtain advice in relation to the potential acquisition of Leonardo’s art business. Following advice from BTO, Arti and Collette decide that A&C Art Limited should offer to purchase the entire issued share capital of Leonardo’s business which will include all assets, liabilities and obligations of the dealership. Buying the competing business is deemed to be a worthwhile investment which will allow A&C Art Limited to expand and attract more business.
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Emma Barclay |
Arti and Collette approach Leonardo and offered to buy his art dealership, he is delighted to sell his business to Arti and Collette whom he knows are familiar with this industry.
Following a second meeting with Arti and Collette, BTO drafts the Heads of Terms for the purchase of Leonardo’s business which sets out the key terms of the acquisition before the due diligence process begins. BTO is able to negotiate and agree these key points with Leonardo’s solicitors.
BTO‘s corporate team carries out a detailed diligence exercise over Leonardo’s company and is able to report their findings to Arti and Collette, in particular where there are any areas of concern that should be brought to their attention.
BTO’s Banking and Finance team are able to liaise with Arti and Collette’s bank in order to secure a second loan which will cover the price to be paid to Leonardo.
BTO’s corporate team negotiates the terms of the Share Purchase Agreement (the document which will allow A&C Art Limited to acquire Leonardo’s art dealership) with Leonardo’s lawyers in order to achieve the successful purchase of his business.
A&C Art Limited grows from strength to strength following the acquisition of Leonardo’s business.
Contact: Emma Barclay, Partner E: eba@bto.co.uk / T: 0141 221 8012
