New Accelerated division at Mitchell Charlesworth completes first deal

A division launched earlier this year by North West accountants Mitchell Charlesworth has completed its first deal with the sale of a manufacturing business to two of its competitors.

Mitchell Charlesworth, which has offices in Chester, Liverpool, Manchester, Warrington and Widnes, expanded in March with the launch of its new Accelerated division.

This week, the service has completed its first transaction after a consortium comprising Peterborough-based JMS Transformers Limited and Envirovolt Limited in Hertford acquired Northamptonshire-based manufacturer Watford Control.

Rounding off in 16 weeks, the deal saved 18 jobs at Watford Control, which is around half of the company’s workforce.

Mitchell Charlesworth’s Accelerated arm combines teams from the firm’s corporate finance, corporate recovery and insolvency, and tax advisory operations.

Partner Brian McCann, who heads up the MC Vanguard Corporate Finance division, commented: “Our goal is always to maximise value for the shareholders but with the Accelerated service we have the additional goal to sell assets or businesses as quickly as possible.

“After starting work with Watford Control back in February we completed the entire business acquisition process in little more than 16 weeks – a role which usually requires six months or more to bring to fruition.”

He added: “The result is that the firm will now remain under UK control with the new management team at the helm. Half the jobs have been saved and employees will be transferred with minimum disruption to a site near the Watford Control base in Corby.”

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