Eastwood Anglo Corporate Finance | Selling my business East Midlands | Corporate finance adviser West Midlands | Management buyouts South Yorkshire

Overview

Case Study:Sale of Lifetime Homecare Limited to Beacon Homecare Services Limited
Client: The shareholder directors of Lifetime Homecare Services Limited
Transaction: Retirement sale
Advisers:Eastwood Anglo Corporate Finance; Austin Moore Solicitors
Overview:
Phill Moody together with his wife Ann established Lifetime Homecare in 2011. They identified the market for domiciliary care which at the time was being poorly served by existing suppliers. They developed an efficient locally based and serviced operation in Derbyshire and South Yorkshire founded on experienced local carers serving clusters of vulnerable service users supported by modern technology and supervisory capacity which ensured uninterrupted service.
The efficiency of service supply and quality of the local staff was appreciated by their customers, primarily local authorities and their CQC rating was continually good.

Our Approach
When Phil and Ann decided to retire, they sought informal advice from a friend who recommended Eastwood Anglo having met us some years previously on a transaction. We started by understanding their objectives and timescale. The company was based in an office building owned personally by the director on which they chose a flexible approach depending on the wishes of the eventual buyer. We valued the business considering the difficult market at the time and agreed on a target price range which was both achievable and would meet their expectations.
As always, we had to balance the need for confidentiality with making sure that the potential market was aware of the opportunity. In this case we advised that the largest customer should be kept informed at an early stage which was appreciated.
We guided them through the sale process developing trust and understanding as it progressed. We were able to present two offers, one from a substantial operator which was priced with a disproportionate element of deferred and the other from Beacon Homecare, a growing group owned and led by Ross Tomkins. A key element of our mandate at this stage was buyer due diligence and advice to the sellers of the balance of risk against certainty of outcome.
Having decided to go with Beacon, the transaction completed satisfactorily. As always, we remained engaged until all deferred consideration was paid which on this occasion was ahead of the original timetable. The buyer decided to take a relatively short lease on the offices which they vacated when it ended, and which Ann and Phil are now adapting to alternative use.