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MorePearson Hinchliffe Commercial Law advises Lanes Group in £12.3m sale of LAS
8th April 2010
Pearson Hinchliffe Commercial Law has acted for Lanes Group PLC in its £12.3m sale of Lanes Assistance Services, part of its outsourcing division.
The Corporate Commercial department at Pearson Hinchliffe Commercial Law in Manchester advised in the sale to private equity firm Gresham for £12.3m. Gresham has taken a 70 per cent stake in LAS, which has its base in Eccles. The LAS management team retains the remaining 30 per cent share in the firm which annually turns over £20m and employs 80 people.
Head of Corporate Commercial, Roger Hinchliffe oversaw the transaction for the Leeds-based Lanes Group which set up LAS to provide outsourced domestic repair claims management services to the insurance market, with clients including Fortis and Towergate.
Speed of Transaction was Key
Mr Hinchliffe said: “We have acted for Lanes Group on a number of sales and acquisitions over the years, the latest being one of the swiftest. It is a perception that transactions can take long periods of time to bring to a conclusion. But in this case the first draft share purchase document arrived with us only two weeks before formal completion.”
He added: “Achieving this timescale naturally results in a lot of hard work and late nights in the office. Client satisfaction is coupled with the assurance that adequate resources were allocated in progressing the deal to ensure a timely conclusion.”
Hinchliffe commented: “We are very pleased to have advised on this large transaction which showcases Pearson Hinchliffe’s depth of knowledge in the sector and our commitment to achieving our client’s corporate objectives.”
CONTACT: If you have any questions about this item, please speak to Media Team on: 0161 785 3500, or: media@pearson-hinchliffe.co.uk.
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