What our Clients Say

Acquisition or Disposal?

"The Hyde Partnership acted as our auditors, tax advisers and business advisers, as well as dealing with all of our acquisition and disposal requirements. Hyde were in fact an integral part of our acquisition team, on a number of strategic purchases, to help build Rapid Group Plc into a robust and valuable business. When it came to disposal, they then assisted with the complicated sales process to a company listed on the German Neuer Markt."

"It is unusual to find professionals with such commercial flair and strong understanding of what is needed in the real world of business. Their help has been invaluable to my colleagues and I over two decades." John McCartney

Hyde Helps Hertford International Group to acquire Cheque

The Hyde Partnership has recently assisted AIM-listed Hertford International Group PLC acquire Cheque Exchange Ltd (CEL), a profitable nation-wide cheque cashing and money remittance business.

Hertford, which specialises in the pre-paid debit card market, has announced the conditional agreement to acquire the whole of the issued share capital of CEL, a private company ultimately owned by Provident Financial plc.

The consideration for the acquisition of CEL is £3 million cash minus any amount payable by CEL, payable as to £1,250,000 minus the Section 75 Debt on completion, a further £1,250,000 on July 31, 2009, and £250,000 on each of the first and second anniversaries of completion.

Commenting on the proposed acquisition, Lewis Findlay, Chief Executive of Hertford said: "This is a transformational deal for Hertford. The addition of Cheque Exchange Limited provides Hertford with an established customer base, an outstanding distribution network, and healthy diversification of our product base."

"The Hyde Partnership's Andrew Seton led on the deal. He said: "Cheque Exchange Limited is a cash generative business with an established customer base and strong distribution network. Through this acquisition Hertford International will add these strengths to its already established business and has the opportunity to achieve further growth. We have been delighted to advise Lewis Findlay and his team at Hertford on this acquisition and previously on their admission to AIM, and look forward to assisting them further in the growth of their business."

If you would like to learn more about how we could help you or a client list on the PLUS or AIM markets, or assist with Acquisitions, Mergers or Company Sales, please contact Andrew Seton or Malcolm Coomber on 020 7292 7800 or email ads@hydepartnership.com

HCF helps Milbourne Financial Services reach the next level

Over a year ago Hyde Corporate Finance were approached by long-standing clients Milbourne Financial Services Limited to discuss the issues they faced in taking the business to the next level. With the changes in the industry and the burden of red tape, they had found it increasingly challenging to expand and prosper.

In a similar position were Farnham based Hayden Financial Services Limited. The 'simple' answer was to merge the two. After a year's careful planning and negotiation HFS Milbourne was born and is now trading successfully from new offices in Guildford.

Managing Director Rod Milne is delighted with the result. "We were fortunate to be able to plug into Hyde's experience to guide us through the merger minefield. In addition to obvious areas such as the simple financial arithmetic of the deal and premises there are so many other issues to take into consideration. These range from bureaucratic and compliance issues with the likes of the Inland Revenue and the Financial Services Authority to other issues such as business hive-up (i.e. effectively getting all the trading in the right place in the new structure) and the implementation of Enterprise Management Incentive Scheme options (a highly tax-efficient employee share scheme) to incentivise key staff. All of these mean that you have to have the best advice.

"After all the hard work and the various hurdles, however, it was certainly worth the effort. We now have a merged business which will enhance the benefits to our clients, with more in-depth expertise and a wider offering, as well as to the shareholders, who will benefit from substantial cost savings and expansion opportunities."

Hyde Corporate Finance Director Malcolm Coomber said: "We have no doubt that HFS Milbourne will be a great success as it has all the right ingredients for a successful merger – parties with the same common goal, a good blend of management and other staff, significant cost savings to reduce outgoings and great opportunities to grow the levels of income. We are looking forward to working with the HFS Milbourne team going forward and helping them with their future goals."

If you or your clients need assistance with mergers, acquisitions or divestments, please contact Malcolm Coomber on 020 7292 7800 or email

Hyde helps Notabene.net AS acquire Guava Limited to strengthen their presence in Northern Europe

European search engine marketing company, Notabene.net, have ambitious plans to increase their presence in Northern Europe through strategic acquisitions. With the purchase of UK based search engine marketing business Guava Ltd now under their belt, as well as locations in Denmark and Sweden, they have strengthened their foothold for the realisation of this strategy.

Notabene.net has agreed to buy the total share capital of Guava Ltd for £6m and an earn-out for 2007/2008 that is conditional upon the company’s financial performance. Hyde was brought in to help seal the deal by providing the financial due diligence.

Hyde's role was to complete the financial due diligence and to identify solutions to historical tax and customer book issues that would have otherwise materially changed the value of the deal.

Brian Mertz Pedersen, Managing Director of Notabene.net said on working with the Hyde team: "We are delighted that Hyde helped us to secure this deal, ensuring that the figures stacked up to reassure us that this was a sound investment. With so many professional advisors involved, we were impressed with Hyde's attention to detail and communication amongst all parties throughout their involvement. We are excited about operating in the UK market alongside our other operations and strengthening our offering to our customers."

Hyde helps with the merger of High Net Worth insurance brokers, SmithGreenfield Services Plc

Prior to the merger, SmithGreenfield Services Plc was a loose amalgam of three inter-connected businesses specialising in insurance services for people with high disposable incomes. The businesses had common shareholders but, although they could clearly see the benefits of merger, they did not have the expertise to put the businesses together on an equitable basis. In the words of joint managing director, Steve Smith: "We knew we wanted to achieve a top quality, specialist business with everyone focused on the future and incentivised by a common goal. We simply didn’t know how to get there. We were then recommended to Hyde Corporate Finance by a long standing client of theirs who had worked with them on the successful merger of his business a year earlier."

Joint managing director Giles Greenfield said: "Hyde filled us with confidence for the success of the project. No fancy promises or rushing the deal, rather a very sensible transaction timetable covering seven months. Every step was carefully programmed. We covered the technical issues such as Inland Revenue clearances, dealing with the FSA and creating an EMI Scheme for key staff and the legal matters including the sale and purchase agreement and shareholders agreement. We also spent time perfecting the practical matters such as an agreed business plan and the all important commercial issues like creating maximum marketing impact from the merger."

The result was that SmithGreenfield launched a merged business with an ambitious target to quadruple turnover over the next five years and they are off to a flying start!

Finding The Right Buyer Helps English 2000 Brand Go Global

"How do I get the resources needed to ensure the business I’ve set up continues its growth into the future?" "How do I get the time for increased family commitments?" When Anita Wild, chairman of Bournemouth Education Centre Ltd, faced these two common but conflicting challenges she asked Hyde Corporate Finance to help "square the circle". The resulting deal will take the Centre’s English 2000 School of English brand into Europe and Asia under the guidance of new owners Europasia Education PLC and enable Anita to plan ahead for spending more time at her family home in Germany.

Anita founded the English 2000 School of English in Bournemouth in 1992, and developed it into a market leader in the field of English-based work experience programmes. Originally recruiting mainly from Europe, the school has expanded to an annual capacity of 1,500 students and a brand presence across Asia.

"There are great growth opportunities for the brand overseas but it became clear to me that we did not have the resources on our own to really take advantage of these. At the same time the large amount of foreign travel required to develop the business no longer worked with my family commitments." said Anita.

Hyde's Nick Shires worked on the deal, helping Anita over a two year period to identify potential purchasers, prepare the business for sale and negotiate the deal with Europasia Education.

Nick said: "We were delighted to broker a deal that met Anita’s objectives for herself and the business she founded. That came from taking the time to really understand the business and the options for it. In our early discussions Anita had been looking for a price of around £500,000. We saw the potential value was significantly higher for the right buyer and were able to structure a deal which, including earn-outs, a secured loan and rental income from the freeholds Anita retained, will be worth over £800,000."

Anita added: "Hyde Corporate Finance were superb – they found a buyer who was an ideal match for the business and achieved a total package value considerably above what I had expected to receive. Doing any deal is nerve wracking but their help was invaluable. They were good to work with - straight forward, tough but level headed when the butterflies started!"

Hyde pulls out all the stops to enable the completion of Tri-Q management buy-in deal

The Hyde Partnership have been praised for pulling out all of the stops to enable a large management buy-in to be completed.

GE Commercial Finance Ltd and the management buy-in team approached Hyde regarding the finance they were providing for a multi-million pound deal in the plastics sector. They needed due diligence reviews at three potential acquisition targets as well as advice on the tax situation for the proposed group.

Hyde were authorised to carry out the assignment on December 3rd and sent teams to production sites in Manchester, Cheltenham and Norfolk over the next few days. Working closely with GE and the buy-in team, the Hyde team were able to provide a draft report within a fortnight. This was finalised by the 21st and the deal was signed two days later.

Adam Wardle of GE Commercial Finance Ltd said: "Not only did the Hyde team handle the job professionally and achieve the quick turnaround which was essential to complete the deal but the directors took time to understand the issues, kept us informed throughout and provided clear and concise information. We look forward to working with them on similar projects in the future."

Martin Urquhart of Tri-Q commented "Hyde were a pleasure to work with, helping us, along with GE, to purchase the business and take it forward. They were down to earth, approachable people who were always available when we needed them and their advice and commitment played a key role in getting the deal done successfully."

Hyde helps leading diamond drilling and sawing business with management buy-out

London based Robore Group is the UK's leading Diamond Drilling, Diamond Sawing and Controlled Demolition contractor, providing a specialist service to the construction industry. The company was formed in 1986 and is now one of the largest organisations of its kind, employing over 100 staff.

At a point where their growth was accelerating, they felt that their existing advisors could no longer meet their requirements in terms of the level and breadth of service offered and asked Hyde for assistance.

Paul Nattrass of Robore said: "Our bank recommended that we work with Hyde on the management buy-out of our business. We found them to be down to earth, highly focussed and always on hand to run through the details. They have a real flair for negotiations which was invaluable in getting the right deal for us.

"It’s a tribute to the way they do business that they continue to work for both the buyers and sellers!"

Hyde director Malcolm Coomber said: "We have worked with a number of clients in a similar position to Robore, with a director or directors looking to exit the business and leave it the hands of a management team they trust. We are delighted to have been able to work with Robore for the MBO and other issues since then, building a strong relationship and understanding of their goals to help them drive the business forward."

Hyde helps UK management of Intrum Justitia with management buy-out

Hyde Corporate Finance has helped launch a new company, Face2Face Contact Limited, when former Intrum Justitia UK and Ireland Managing Director John Easden led the management buy-out of the field services division from Intrum Justitia – Europe's leading provider of credit management services.

Intrum Justitia provides a range of services, from credit information and invoicing through to sales ledger services, reminders and collection to debt surveillance and collection of written-off receivables.

Hyde Corporate Finance acted as Corporate Finance adviser to the MBO team and helped arrange the finance for the deal. John Easden, managing director of Face2Face Contact, said: "As a specialist provider we will be dedicated to delivering outstanding results from field activity which will enable Face2Face to provide clients with improved value and service."

"Hyde's constructive advice on the business model and expertise with dealing with MBO's has been invaluable in getting this deal with Intrum Justitia completed, helping us realise our vision for the future of the business."

Hyde were introduced to John Easden through a recommendation from another client and helped bring together the team to get the MBO completed in a fast and effective manner.

By bringing in their tax specialists and working closely with Face2Face's solicitors and bankers, Hyde were able to structure an MBO which represented a good deal for the client, which provides them with an opportunity to expand from a sound independent base in the future.

Receivership to Recovery to Successful Sale
Restructuring Takes Security Business To £12m Valuation

In 2000 the Directors of Attlaw Security & Protection were facing a serious cash-flow crisis.

The Roehampton-based retail guarding business had been bought out of Receivership in July 1999 but by the following November was again in difficulty. The company was providing excellent service to a growing band of loyal, happy customers but, due to poor financial management and misleading internal information, was again about £250K insolvent.

The Attlaw Board decided to take action and called in Hyde Corporate Finance, who specialise in expansion, restructuring and exit solutions for small and medium-sized businesses. A recovery plan was approved by the Board and initiated within weeks, including an immediate cost-cutting exercise; a re-negotiation of margins on existing contracts to realistic levels; a £100k rights issue to relieve some of the cash strain; and a concerted sales drive. Management and reporting structures were re-organised with a focus on better financial forecasting.

The company quickly returned to profitability and solvency, at which point long-term plans were then put in place to create of a highly profitable cash generative company from which dividends could regularly be paid. Hyde also advised on the possibility of a trade sale or grooming the company for flotation on AIM.

Attlaw were approached last year by potential purchasers the MacLellan Group Plc, a quoted

Worcestershire-based facilities management provider with a turnover of approximately £170m. The synergies made the deal look right for both purchaser and vendor and Hyde completed sale negotiations with MacLellan paying an initial £5m with the total potential price of £12m, the balance being largely conditional on profits between 2003 and 2005.

Attlaw's Managing Director, Mike Crump, said: "Together with Hyde Corporate Finance, we took Attlaw from the brink of disaster to a great business. Their negotiating skills achieved an excellent deal for all parties with the right buyer at the right time for the right price".

Hyde Corporate Finance director Malcolm Coomber commented: "The successful sale of Attlaw shows what can be achieved out of even the most difficult business situations. After all of their hard work, I'm delighted that we were able to structure a deal which meant the Attlaw shareholders, including employees, were able to realise substantial profits and have the option of keeping a significant interest in the larger group."

If you would like to discuss how we could help your business with financial management and restructuring issues, please contact Malcolm Coomber on 020 7292 7800 email mec@hydecorpfin.com.

Pegasus takes flight on PLUS

We are delighted to have helped Pegasus Helicopter Group Plc, a specialist helicopter company based in Arizona, list on the PLUS Market, placing two million ordinary shares at a nominal 1p each.

The company's share price initially launched at 11.5p per share, giving it a market capitalisation of £23 million. CEO Robert Zummo said: "We have developed and have ambitious expansion plans for a low-cost two-seater helicopter, which is based on innovative pressure-jet technology that allows a reduction in the number of parts compared to a conventional helicopter. This unique helicopter has no tail rotor and therefore no tail rotor gearbox, tail rotor drive or tail boom. Likewise, it has a simpler drive transmission system for the main rotor. As a result of these simplifications, we believe our PH200PJ helicopter is dramatically easier to operate and safer than conventional designs, giving us real competitive advantage in the marketplace.

"The Helicopter PH200PJ is estimated to sell for between £60,000 and £75,000 and we believe our designs will open up new niche markets in the consumer, commercial and military sectors. What's more, our listing on the PLUS market will undoubtedly be a highly valuable driver for Pegasus' future growth.

"Hyde played a key role in helping us achieve this listing. Their liaison with the PLUS Market authorities and our lawyers throughout, most particularly on resolving the less straightforward matters such as the company valuation and intellectual property rights, meant that we were able to focus on running and growing our business without being over-burdened with the minutiae of the listing.

"Being able to count on their expertise and experience of helping companies list on the PLUS market was invaluable and we are excited about what the future will hold for Pegasus in light of this key milestone in our development."

Hyde Helps Ascot Strike Gold

We were delighted to assist gold producer Ascot Mining plc achieve a listing on the PLUS Market to support the development of their international business.

Ascot Mining's initial strategy is to become a substantial gold producer by acquiring existing gold concessions in Costa Rica and then bringing them into production through a programme of refurbishment. They expect that the admission to PLUS will give them the ability to enter into negotiations with vendors where the issue of publicly traded shares as consideration is potentially more attractive than the issue of shares in an equivalent private company.

Our team was recommended by Ascot's corporate adviser to act as Reporting Accountants. Ascot MD David Jackson said: "Hyde's speed of response, knowledge of PLUS' requirements of us and attention to detail were key factors in our successful listing. Having searched to find the right firm we were introduced to Hyde the week before our admission. That was on the Thursday. Hyde started work for us the next day and the whole admission process was completed and announced the following Wednesday!

"Hyde really stepped up and met a very tight deadline, helping us to achieve a major milestone in our development."

Hyde helps global recruitment firm secure finance for growth

Darwin Rhodes Ltd, a leading recruitment consultancy specialising in the pensions, insurance, actuarial and investment markets, has secured funding of £1.175million to support ambitious expansion and restructuring plans through Hyde Corporate Finance.

Darwin Rhodes has grown from its three founders in 1996 to become a global recruitment firm specialising in the financial sector, with a high profile client list and offices in the Far East and Australia as well as regional branches in London and the South East and across the UK.

Hyde were approached to facilitate the retirement of one of the founding Directors and introduce new funding for the group to facilitate further growth. This involved restructuring the group to maximise its attractiveness and introducing the investors to supplement the capital put in by the directors. Hyde introduced The Capital Fund, a £50 million venture capital fund which backs fast-growing, small and medium-sized enterprises in Greater London, who invested £250,000, and raised a further £740,000 from its own network of investors and business angels.

Peter Dunphy, Chief Executive of Darwin Rhodes Group, said: "We are delighted to have secured this vital capital injection from Hyde Corporate Finance and The Capital Fund which will enable us to consolidate our offering in the UK and implement our plans for international expansion. We are unique among recruitment firms in choosing from the outset to focus exclusively on the financial sector and our consultants have developed as specialists within particular fields, ranging from employee benefit schemes and pensions to insurance, investment and actuarial work. So when a client registers a vacancy or an applicant registers a CV they are guaranteed to speak to a consultant who understands their needs."

"The financial services sector is experiencing rapid growth in China and India, following liberalisation of the sector, and Darwin Rhodes is well-placed to exploit this as we are the only specialist insurance recruitment firm operating in these markets. The first step in our plans for substantial overseas growth will see us establishing offices in Mumbai and New York to add to our presence in Hong Kong, Shanghai and Sydney. In the UK, we plan to enhance our existing offering and also diversify to provide investment, compliance and executive search services."

"Hyde's help was invaluable in structuring this deal and introducing us to the investment we needed. The team focussed throughout on getting the right deal for us and making the process as smooth as possible."

Hyde Consulting director Malcolm Coomber said: "Darwin Rhodes' strong brand and business model in the UK and overseas meant that it was potentially attractive for the right investors. Our task was to use our knowledge to provide the structure that would be most attractive to investors and then go out and find them. I am delighted that the deal has been successfully completed as Darwin Rhodes has a great track record of growth and business development, which should make this a success story for both the company and its new investors."