Asset Sale

Situation

  • Following a strategic review, our client wished to exit a significant business segment which accounted for c.50% of its operations. Historically, the business had operated as one and reporting and accounting was combined. We were asked to assist in preparing historic and forecast information to support the sale process.

Swan Activity

  • Adaptation of the existing financial model to support the Working Capital report sign-off
  • Preparation of historic financial information including the carve out of the P&L and Balance Sheet for the Vendor Due Diligence
  • Preparation of information for the Class 1a circular and submission to the UKLA
  • Profit forecast support for UKLA,
  • Preparation of target Working Capital, Initial Closing Statements and support with completion accounts,
  • Stakeholder management and dealing with queries from reporting accountants, due diligence teams, sponsor, lawyers, and the Board,
  • Preparation of summary information for the Board

Outcome

  • The work was completed to the timescale set out by the disposal committee
  • The business successfully sold to a US trade buyer