Case Study: J A Hainstock Ltd
- Deal size:
- Company Sales
- Deal completed:
- January 2007
Meridian Corporate Finance LLP ("Meridian") advised the shareholders on the disposal of J A Hainstock Ltd ("Hainstock") to L Rowland & Co (Retail) Ltd ("Rowlands Pharmacies"), for an undisclosed consideration.
Rowlands Pharmacies boast a national chain of over 300 retail branches.
Hainstock first opened as a dispensing chemist in central Farnham in 1963. In 2003, under the ownership of Mr and Mrs Lippiatt, Hainstock relocated to the Farnham Centre for Health.
Meridian structured, negotiated and managed the deal process in record time; from the initial meeting with the acquirer, the transaction was concluded within 6 weeks,working closely with their accountant Fiander Tovell LLP.
Cathy Revis of Fiander Tovell said "We have acted for Mr and Mrs Lippiatt for many years, latterly with a focus on preparing the business for sale; this has been an excellent deal for our clients."
Legal advice was provided by Shoosmiths, where Stephen Porter and Adam Hewitson acted for the vendors.
Commenting on the transaction Mr Lippiatt said "I was immediately impressed by Darren's professional approach and realised that here was someone with all the skills that I lacked when it came to presenting my business in the best light and being able to negotiate a value far beyondmy initial expectations."
Darren Thompson of Meridian commented "This is a great deal for both parties. Rowlands Pharmacies has acquired a well positioned pharmacy and the transaction also represents a much deserved retirement route for the Lippiatts, who have worked hard within Hainstock over the past 17 years.“