The Corporate & Commercial Team at Southampton based Trethowans Solicitors have advised the management team on the buyout of Phoenix Commercial Holdings Limited.
The Phoenix Group are one of the leading providers of bailiff enforcement and debt recovery services in the UK, with an excellent reputation for results and a broad public and private sector client base.
The management buyout of Phoenix Commercial Holdings Limited in May 2014 was led by co-founder and finance director Howard Jones and business development director Andrew Cummins. With a newly strengthened management team following the acquisition of Paul Caddy in 2013, the Phoenix Group are looking to capitalise on the legislative changes in the enforcement sector and the buy-out will enable the team to grow the business and take it into its next phase.
Group Chairman and co-founder Fred Ternent is approaching retirement and having seen the business grow from its inception, will take a step back whilst retaining some influence as a non-executive director and will continue to act as Chairman.
Nick Gent, a Partner, in the Corporate & Commercial Team at Trethowans worked on the transaction, alongside Solicitor, Alice Biggar. Nick commented “I have worked with Howard and Fred for a number of years and was delighted to assist the Phoenix Group in their restructuring and to facilitate the team’s further growth of the business and to see their hard work paying off.”
“With the recent changes in legislation, Fred was starting to plan for a well earned retirement and wanting to capitalise upon the appointment of Paul Caddy as the new MD, the timing was right for an MBO. Having known Nick for a number of years, it was an easy choice to make to use Trethowans to guide us through the process from start to finish and their expert guidance certainly made it a smooth transition " said Howard Jones, of the management team.