Our award-winning corporate finance team advised Midlands-based Hyperama plc on the sale of its cash and carry division to London-based Dhamecha Group. Hyperama’s Nottingham and West Bromwich depots will bolster Dhamecha’s presence in the Midlands, boosting the number of its cash and carry branches to 12 post completion.
The sale came in short order of Hyperama plc’s divestment of its Peterborough cash and carry to Holland Bazaar Ltd.
The sale required a carve out and ‘hive down’ of Hyperama’s remaining cash and carry divisions into a special purpose vehicle containing the trade, assets and business operations to be acquired by Dhamecha Group. This raised a number of unique commercial and transactional challenges that were navigated with specialist assistance from the PKF Smith Cooper corporate finance team. For example, Hyperama’s Nottingham cash and carry operated from the company HQ, which also housed sister company JK Foods and the buildings needed to be segregated.
Our multi-disciplinary team advised on the commercial and tax structuring of the transaction, advised on and sought solutions to the various transaction complexities and successfully managed all key stakeholders through to an exceptionally tight completion deadline.
“I am delighted to announce the sale of these two depots to Dhamecha Group,” said Marcus Singh, Managing Director of Hyperama, “I could not have wished for a better business to acquire the sites and take the business forward. Dhamecha is a fantastic operator and has successfully expanded already into the Midlands and I know I am leaving my employees, customers and suppliers in good hands. I am thrilled to have completed the divestment of the cash and carry divisions within Hyperama.”
I have built a strong relationship with the corporate finance team at PKF Smith Cooper, having utilised the team’s knowledge, commitment and drive to both acquire and divest a number of our family’s business interests. I enjoy working with the team and look forward to working with them on future M&A projects.
Marcus Singh, Managing Director of Hyperama
Tom Joy, Corporate Finance Senior Manager at PKF Smith Cooper, commented: “It has been a pleasure to support Hyperama in the sale of its cash and carry divisions to both Dhamecha and Holland Bazaar. It is great to see the respective divisions find the right home, with both acquirers keen to continue to invest and develop their business in the Midlands.”
Adam McGiveron, Partner at Penningtons Manches Cooper, said: “We were pleased to complete another successful deal for Hyperama with the team at PKF Smith Cooper so soon after the earlier Peterborough transaction. Penningtons are looking forward to further deals with the same team in 2023.”
The partner-led team advising Hyperama was led by Darren Hodson, Tom Joy and Josh Gurton, and included support from our Tax Advisory Partner Gary Devonshire. Legal advice was provided by Adam McGiveron and Emma Bryant of Penningtons Manches Cooper.