Member Article

Moore Blatch oversees £3.5 million investment deal

Moore Blatch solicitors has helped to close a deal which saw a multi million pound investment in Haystack Dryers, a Dorset based company.

Haystack Dryers is the world’s leading provider of purpose built people dryers that are now common place in theme parks, water parks, swimming pools and spas, including Seaworld Group, Legoland and Universal.

Part of the funding will now be invested to allow the company to take advantage of the rapid growth of theme parks in the Far East, and also to support expansion into new sectors.

Moore Blatch partner Peter Jeffery and senior solicitor Anna West acted for Haystack Dryers throughout the process of agreeing the investment. Their attention to detail in carrying out due diligence enquiries, agreeing the terms of shares, protecting their client’s interests and negotiating the level of involvement of both parties in the business has ensured that the outcome was the best for both companies.

Haystack Dryers was founded in 2000, selling innovative people dryers to swimming pools and leisure centres within the UK. Paul Thomas became Managing Director of the business in 2006 and used his 15 years’ of experience to transform the business into the world’s leading provider of award winning people dryer products into the theme park sector.

Haystacks Dryers’ core product is the Cyclone Dryer, designed to dry up to five people at one time.

Peter Jeffery said, “We have had the pleasure of working with Haystack Dryers for many years and so we already have a good knowledge of the business. We were delighted to be able to facilitate a deal which was beneficial for all parties, and by getting all the decision makers around a table together we could ensure the process was as smooth as possible.

“I would advise any business considering this kind of investment opportunity to get your affairs in order early on. The process is very detailed and by having all aspects of your business well organised you will make it easier to access detailed information and make those key decisions in a timely manner.”

Paul Thomas said, “We were delighted to work with Moore Blatch on this transaction. Peter, Anna and the team showed great commitment to getting the deal done and steered us through the complexities of the transaction in a thorough and professional manner. They really understood our business and the key issues in the deal. We were glad to have them on our side of the table!”

This was posted in Bdaily's Members' News section by Peter Jeffery .