Established in 2002, East Sussex Landscapes (ESL) was a Sussex-based provider of landscaping and grounds maintenance services to a range of private and commercial clients.
Avondale, having been instructed by ESL’s owner to lead the sale of the company, worked hard to generate significant interest from a range or trade and private buyers. The winning bid was submitted by two private buyers with private equity backgrounds who were looking to grow the business. However, the surprise outcome of the UK’s EU referendum – and concerns over a potential drop in revenues – led the buyers to defer the acquisition.
By coincidence, the company’s revenue & profits did decrease during the July-September 2016 period. The Avondale-ESL team agreed to keep the sale on hold until the following quarter’s management accounts were available, which demonstrated a shift back to their usual position. Reassured, the buyers agreed to restart the acquisition process. The remainder of the project ran smoothly, with Avondale providing extensive negotiation and due diligence support.
Under Avondale’s supervision, vendor and buyer were able to negotiate a flexible deal structure that suited needs of both parties. Mr Christie received a sizeable up-front sun for his business, while the new owners are now looking forward to leveraging their corporate skillsets to drive ESL forward to new heights.