Our award-winning Corporate Finance team has advised Midlands-based Hyperama plc on the sale of its cash and carry division based in Peterborough to London-based Holland Bazaar Ltd, as the latter moves forward with long-term plans to expand its tangible presence outside of London.
Hyperama plc is one of the largest operators of cash and carry stores in the UK and has a number of depots across the Midlands. Having undertaken a strategic review, Hyperama had decided to divest of its cash and carry operations. In order to widen the pool of potential purchasers, Marcus Singh, Managing Director of Hyperama plc, worked closely with our experts to carve out and ‘hive down’ its trading business, assets and operations based in Peterborough in preparation for the eventual sale to Holland Bazaar. Having run a discrete and targeted marketing process, Holland Bazaar emerged as the optimal acquirer as the business was seeking to expand outside London.
Commenting on the transaction, Marcus Singh said: “Peterborough is a predominantly food service-led depot, making Holland Bazaar well placed to take the reins. I am pleased that we have found a purchaser with shared values that will continue to invest in the Peterborough site for the benefit of our staff, customers and suppliers.”
Holland Bazaar has stated that the acquisition is part of a long-term strategy to increase its presence outside of London.
In what was the first corporate acquisition by Holland Bazaar, a company spokesman has been reported as stating: “This is the first foray outside of London for Holland Bazaar, with a new market demographic, different product ranges and a fresh challenge for the business.” The transaction was funded by Turkish lender Işbank.
On our role in the process, Marcus Singh, Managing Director of Hyperama plc, comments: “The expert guidance and support received from PKF Smith Cooper was critical to the successful completion of this transaction. The team guided both ourselves and latterly the purchaser through previously unchartered waters and were able to efficiently and effectively resolve complexities as the transaction evolved. The sale was tightly managed and the team constantly pushed all stakeholders to ensure that the deal progressed at lightning speed. I would like to thank Darren Hodson and Tom Joy for their sustained efforts on closing this transaction.”
Darren Hodson, Partner at PKF Smith Cooper, comments: “We are delighted to have secured a successful deal for Marcus and Hyperama. This is another great example of the team’s ability to build and maintain momentum to deliver complex transactions at a swift pace.”
Adam McGiveron, Partner at Penningtons Manches Cooper, comments: “We are very pleased to have completed another deal with Hyperama and the team at PKF Smith Cooper. This was a great example of how the advisory team and clients can pull together to achieve an outstanding outcome in very fast moving circumstances.”
The partner-led team advising Hyperama was led by Darren Hodson and Tom Joy, and included support from our Tax Advisory Partner Gary Devonshire. Legal advice was provided by Adam McGiveron and Emma Bryant of Penningtons Manches Cooper.