Team negotiates successful sale for Wiggly Amps

Background

Wiggly Amps was founded in 2000 and developed into a leading specialist health technology and innovate software design company. Among various strands of the business, the company had developed a valuable bespoke software platform for secure medical prescription fulfillment.

The company decided to sell part of the business, and approached our Corporate Finance team to conduct a pre-sale reorganisation to separate the retained business streams, and to lead on the sale negotiations of the remaining business to Boots UK.

Action

Our team negotiated the transaction and designed the deal to enable the retained business to be extracted tax efficiently from the existing company structure, while preserving all the available capital tax reliefs for the part of the business to be sold. This involved obtaining HMRC clearance for the transaction, and dealing with the buyer from negotiation through to agreeing terms, financial due diligence and completion.

Outcome

The team delivered a successful, tax efficient sale of part of the business, and a strategic and tax effective demerger of the retained business streams, which continue to be owned and developed by the selling shareholders.

“The team’s invaluable advice, support and deal management enabled us to complete the deal in a short time frame and I genuinely could not have asked for a more balanced, accommodating and professional service. There is no doubt that their focus and commitment were vital to us getting the deal done.” Jon Witte, Managing Director and owner of Wiggly Amps