Our Mergers & Acquisitions team acted as financial advisor to Middlewich Limited in connection with its recent recommended offer for Pochin's PLC. Middlewich is a new company owned by part of the Pochin's family, two of whom were also directors of Pochin's, formed for the purposes of the take-private. Pochin's is involved in UK based construction and property development, predominantly in the north west of England and north Wales. The Offer valued the ordinary shares of Pochin's at £9.3m, and was by way of cash with a share alternative. The cash element of the Offer was financed by the shareholders of Middlewich and a significant number of irrevocable undertakings were received from shareholders to elect for the share alternative. In addition, there was a back-to-back disposal of £11.5m of investment properties of Pochin's to a Pochin's non-executive director to reduce Pochin's debt of £24m to allow the renegotiation of its bank facilities with RBS.
“BDO delivered a high quality service with a combination of pragmatic advice and dedication by working with us at every turn to make the transaction happen. We would have no hesitation in recommending BDO's corporate finance team following this experience.”
Jim Nicholson, Director, Middlewich Limited