Partner Article

Landmark results for Tait Walker

ACCOUNTANCY group Tait Walker has recorded the best half year results for its corporate finance team since the department was launched 10 years ago.

Since the beginning of 2010, the Newcastle-headquartered firm has advised on deals with a combined value of £45m.

Completing its first deal to secure Finance for Business North East funding, Tait Walker supported specialist commercial investment company, FW Capital, with its agreement to invest in online retailer, Ethical Superstore.com, by carrying out due diligence.

This latest round of funding will see Ethical Superstore.com, which is based in Gateshead, embark on an expansion programme allowing the company to introduce new products and extend its ranges.

The most significant of recent deals saw Tait Walker sourcing and securing a buyer for N.E.M.s Ltd, the Sunderland and Newcastle-based metal warehousing company which was sold for an undisclosed sum to commodity trader and global operator, Trafigura. When sourcing a buyer for N.E.M.s, Tait Walker received a number ofapproaches**,** all of which came from overseas investors.

Speaking about the recently completed deals and some trends that are appearing, partner Michael Smith said: “For the first half of this year deal activity revolved, in the main, around disposals. One of two trends we see emerging is that a lot of interest is coming from overseas investors. I believe there are a number of reasons why this is the case.

“For example, the exchange rate of the Euro makes regional companies who export to the Euro zone attractive, as their goods are well priced when compared to those manufactured in Europe.”

Looking towards the remainder of the year, Mr Smith added: “While we continue to operate in a tough market, investors are still out there looking to acquire well managed, profitable businesses and I therefore believe that disposal activity will remain constant.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .