Our Commercial Property and Corporate & Commercial teams were instructed to act on behalf of the shareholders of a substantial manufacturer and supplier of water treatment and contamination control units.
We were instructed to act on behalf of the owners of the target company in connection with the sale of the entire issued share capital of the business for approximately £12 million. The company had enjoyed significant growth over the years and in the run up to this deal, the company had completed the development of a purpose built 20,000 square metre headquarters on a 10-acre site including offices, workshops and storage.
Having previously acted for the company on the original site acquisition, we were well versed to deal with the property parts of the corporate transaction which involved the technical issues including complex overage provisions affecting the site.
We advised on and assisted the clients on the various formalities that are required for new build properties – helping to ensure that satisfactory documents were produced to the buyer and its lender regarding planning permission conditions, building regulation approvals and construction warranties.
A small part of the development land was subject to a dispute with a third party (an adverse possession claim by the owner of neighbouring land). We advised on the technical and complex issues surrounding adverse possession – working with the clients and the buyer’s solicitors to properly assess the issue and to agree on the appropriate course of action.
The joined-up thinking of our Commercial Property and Corporate & Commercial teams ensured a seamless approach in providing property information and replies to enquiries (necessary for both the buyer and its lender) and in negotiating property warranties and disclosures. We played our part in ensuring that a transaction completed to a buyer with skills and a reputation to grow an already successful company and bring high quality jobs to the local area.
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