Tait Walker notches up 100th deal of the year
Dec 12 2007 by Peter McCusker, The Journal
THE corporate finance team of a leading chartered accountants has notched up its 100th deal this year.
Deals in the third quarter have been undertaken for a range of Tait Walker (TW) clients across a number of sectors including manufacturing, construction and leisure and have a combined value of over £50m.
Two of the recently completed deals involved Dorin Construction and saw TW acting on behalf of Ken Brown, managing director of Dorin Construction Ltd (DCL), who acquired the remaining 50% of Dorin Holdings Ltd (DHL) from David Kennerley, a fellow founder of the business.
DHL is the parent company of the Dorin Group which comprises Mast Electrical, Garnett Roofing and D&K Machinery and Plant. In addition to the share purchase in the same period,
DHL also acquired Gilwood Engineering a mechanical and plumbing business which complements Mast Electrical.
The Group is recognised as one of the region’s leaders in the provision of construction services employing 150 with an annual turnover of £20m.
Speaking about the deal, Richard Brown, finance director of Dorin Group said; "The past few months have been a very busy time for us and these two acquisitions are part of a well orchestrated programme of expansion for the Group. We will be looking for opportunities to grow the business further in the coming years and we aim to double our group turnover in the next five years.
"Iain Richardson and the rest of his team at Tait Walker have provided us with excellent service and because of their expertise in the corporate finance field backed by a great understanding of the market place in the region, were instrumental in identifying potential targets and supporting us through negotiations."
In the leisure sector, on behalf of the owners of Rockcliffe Hall in Tees Valley, TW partner Michael Smith advised Allied Irish Bank on its funding for a £50m redevelopment into a luxury five-star, 63-bedroom hotel, with sophisticated spa and 18 hole golf course, to create a premier leisure destination for the region.
Commenting on TW’s completion of the 100th deal, corporate finance partner, Michael Smith said: "Tait Walker leads the way when it comes to registered deals.
"I am delighted to be reporting on a third quarter that has seen us advise clients across a diverse sector base, some of which are recognised brands in their field, in the North-East."
Carrying out due diligence TW also acted on behalf of the Bank of Scotland in relation to the recent acquisition by business solutions provider, The Onyx Group of Jade, a Newcastle based technology consultancy.
