Busting finance jargon with Roger Esler #2

Busting finance jargon with Roger Esler #2 Non-core disposals, carve outs, strategic divestures & corporate simplification Large corporate groups are evolving organisms that can go through fits and starts of acquisitions and disposals. The drivers for periodic bursts of such activity can be strategic, financial or both, but the catalysts can include a change in … Continued

Financial preparation to enhance or protect value in transactions

Financial preparation to enhance or protect value in transactions Planning ahead is key to getting maximum value in corporate recapitalisations, refinancings and disposals. Well-presented, well-packaged opportunities are likely to generate the most interest and achieve best value. Poorly-presented opportunities run the risk of elongated timetables, price chips or failed processes. Our new paper looks at … Continued

How has the deals market been impacted by Covid 19?

How has the UK Deals Market been affected by the Covid-19 crisis? What is the current state of play, and what are the emerging deal themes as we come out of lockdown? The Dow Schofield Watts Corporate Finance and Transaction Services teams in Yorkshire & the North East give their views in this document. We … Continued

An interview with our new Non-Executive Director Heather Lauder

An interview with our new Non-Executive Director Heather Lauder Heather Lauder joined us as Non-Executive Director earlier this year and brings over 30 years of experience in retail and business banking to Dow Schofield Watts.  Heather talks to Nicole Burstow, Finance Director about why she joined, first impressions and the future for Dow Schofield Watts. … Continued

Financial due diligence in a Covid-19 world

Financial due diligence in a Covid-19 world Covid-19 has caused sudden and unexpected disruption for businesses. It will bring new challenges for transaction processes. As things stand, it is difficult to assess how and when sectors and businesses will recover and what the ‘new normal’ will look like.   Given these uncertainties, we think robust … Continued

Due Diligence process tips: COVID-19 considerations for vendors

Due Diligence process tips: COVID-19 considerations for vendors DSW Transaction Services acts as a financial due diligence provider to both buyers and sellers. Despite the current environment, we have a number of deals ongoing in resilient sectors. However, the impact of COVID-19 and the UK lockdown is universal and the following is a summary of … Continued

VAT changes to e-books – not the end of the story yet

VAT changes to e-books – not the end of the story yet Recently the government trumpeted the news that they are ‘fast-tracking’ the VAT changes to e-publications by introducing VAT zero-rating on 1st May, rather than on 1st December. However, what is not being reported so widely is that HMRC have been resisting (and I … Continued

Fraud Awareness

Fraud Awareness The current climate will inevitably put renewed pressures on the financial targets of companies and individuals, and may see some previously concealed frauds bubbling to the surface. Our Forensic Accounting team would like to share some valuable advice about how to minimise potential risks and steps to consider if you suspect fraudulent activity … Continued

Further expansion at Dow Schofield Watts in Yorkshire & the North East

Dow Schofield Watts has made two new appointments to its corporate finance team in Yorkshire & the North East in response to a high level of new deal activity.   Matt Spence and Jonathan Wilkinson both join from EY in Leeds, where they qualified as Chartered Accountants.  Matt spent six years at EY advising clients ranging from FTSE 100 businesses and multinational groups … Continued

International Fraud Awareness Week

This week it’s International Fraud Awareness Week and our Forensic Accounting team would like to share some valuable advice about how to minimise potential risks and steps to consider if you suspect fraudulent activity has taken place. As sales targets and budgets become harder to attain, the risk of fraud and/or inappropriate accounting increases. This … Continued

Investor Risk, you might not expect this…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Investor Risk In Private Equity (Chapter 6) What are the main risks that face the investors, limited partners, in PE funds: The Main Types Of Risks In Private Equity for Investors Liquidity Risk – Market Risk – Interim net asset value (NAV) … Continued

It always sounds easy to bridge a price gap with an earn-out…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Earn-outs (Chapter 5) An earn-out is deferred consideration dependent upon the future performance of the business being acquired. The principal purpose is to bridge the price expectation gap between the buyer who will pay a price on past profits and the … Continued

UK Competition Legislation

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon UK Competition Legislation (Chapter 3) The Competition and Markets Authority (“CMA”) may initiate an investigation of a takeover if there is a merger situation qualifying for investigation (other than if covered by the European Commission). The CMA must initiate if it believes … Continued

Excluding the financial section, a business plan should be less than 30 pages…

Excerpt from ‘The Young Professionals Guide to Conquering Private Equity Transactions’ available on Amazon Business Plans (Chapter 2) The business plan is the first point of contact with the business for the private equity firm. First impressions are crucial. It is recognised that many good investment opportunities may be passed over principally due to the … Continued