Baker Watkin chartered accountants and business advisers

Baker Watkin

Middlesex House

Rutherford Close

Stevenage SG1 2EF

t: 01438 750555

e: enquiries@bakerwatkin.co.uk

Management buy-out for QED

Testimonial from Richard Marek, QED

“AMG wanted to sell its shares in QED and this left Pat Marek and myself with a management buy-out, which neither of us had knowledge in. Setting up the 'new' QED was a daunting task and thankfully through our contacts we were put in touch with Andrew Watkin of Baker Watkin.

“I had not understood the complexities in what appeared to be a simple transaction. However, with Andrew’s guidance we successfully completed the acquisition, relying solely on him to relay information and act on our behalf. To say the least it was a long process and the longer it went on the more convolute it became with the combination of the legal and financial side being questioned and revisited time and time again. There were many occasions when I was uncertain whether we would complete the buyout, but thankfully Andrew took control and steered us through, while we focussed on the business.

“A year on we are enjoying QED, making money, and looking forward to taking the company onto bigger and better things. I’d like to thank Andrew and his team for all their help.”

About QED

QED specialises in recruitment providing drivers, warehouse, and production personnel including commercial, technical, engineering and IT staff for temporary and temporary-to-permanent assignments. QED stands for quality, excellence and dedication, the core values of the company.

Baker Watkin and the team successfully completing the MBO

The public limited company owning 75% shares in QED wanted to sell their shareholding and Richard and Pat Marek, already running the company, were given the opportunity to buy, which they decided to do by a purchase of own shares route by QED.

Baker Watkin was introduced by David Walford, of The Royal Bank of Scotland, to act as financial advisers to the management team and the companies represented in the MBO included Hilliers HRW and The Royal Bank Scotland.

Andrew Watkin from Baker Watkin Chartered Accountants and Business Advisers represented Richard and Pat, and he was involved in every aspect of the MBO, including formulating the heads of agreement, liaising with The Royal Bank of Scotland, and advising Richard and Pat on the legal and financial implications of the deal.

Andrew believes that the success of an acquisition lies in the willingness of the team to work together, respecting and understanding each other’s involvement and adhering to the deadlines set. This includes the client being confident in what they want to achieve and trusting the advisor to carry out the acquisition on their behalf.

The future of the company now lies in the hands of Richard and Pat, who now have the freedom to implement their own ideas and have the ability to plan for the longer term.

If you want to achieve your business objectives, via acquisition, sale or succession or would like further information on our services, please contact Andrew Watkin on 01438 750555 or by e-mail at enquiries@bakerwatkin.co.uk