The firm was appointed to provide legal expertise on a number of significant transactions, including a share capital sale worth £10.27 million, the formation of a major player in electrical and mechanical contracting and the sale of a substantial public house portfolio.

In a deal worth over £31 million, Lee & Priestley LLP oversaw the sale of the entire share capital of Tadcaster Pub Company Limited and Tadcaster Hotels & Inns Ltd to Scottish & Newcastle. The property portfolio consisted of 30 public houses.

The firm has worked with the shareholders of Momart International Limited, providers of specialist transport and logistics services for the fine art market in the UK and overseas. The highly complex transaction involved the re-registration of the Company from Plc status and negotiations surrounding the employee benefit trust, plus the sale of the entire issued share capital for a total consideration of £10.27 million, comprising cash and shares.

Lee & Priestley LLP assisted with a major merger between Watsons Building Services Limited and the Southern & Redfern Group, helping them cement their position as a major force within electrical and mechanical contracting.

Nu*Stock Limited appointed Lee & Priestley LLP for the sale of the business and assets of two of their six trading premises in the UK to SIG Trading Plc. The transaction included a 6 month licence for SIG Trading Plc to use the Nu*Stock name and is the first step towards an intended disposal of the entire issued share capital within the next six months.

Jonathan Priestley, Partner and Head of Corporate at Lee & Priestley LLP, says: “Forecasts for financial institutions have remained bleak in recent months and these predictions look set to continue as the so-called ‘credit crunch’ takes hold. With private equity hit hard and a weakening within the City causing significant ripple effects for housing, industry and retail sectors, expectations for the start of this financial year were not good. 

We experienced a dramatic upturn in early April. This may in large part have been due to the recent changes that came in to force for capital gains tax on the sale of business assets, from 10% to a single rate of 18%. However, we also have instructions on significant deals to complete early in the new financial year and remain reasonably optimistic that a “real economy” will withstand the woes in the financial sector.”

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