Complex Deal Launches Firm On To Stock Market
Leading south west law firm Foot Anstey has advised Taunton-based Bright Futures Group plc in its acquisition of contract and workplace catering firm Restaurants at Work Limited.
The deal comprised a reverse takeover, raising £500,000 in a share placing, and admittance to the fast growing PLUS stock market in London on 31 October 2008.
The deal’s complex series of transactions took over a year to negotiate and finalise and included buying out the original founders of Restaurants At Work, a balance sheet recapitalisation via a debt for equity swap, arranging new bank facilities and obtaining approval from shareholders and the City Panel for Takeovers and Mergers.
Bright Futures previously operated in the disability mobility sector before selling its business in 2006. Subsequently Duncan Ralph and Marcus Yeoman joined the board as directors and looked for a suitable acquisition target.
Established in 1995, Restaurants at Work employs around 180 staff on site at client premises throughout the UK and in its head office in Epsom, Surrey. Its catering contracts provide employee catering, hospitality and associated services to clients ranging widely across the manufacturing and service sectors and also include banks and public authorities. Clients include EMI, NSPCC and Dairy Crest.
Under the transaction, RAW chairman Tjalke Boersma and director Richard Muir join the Bright Futures board with Boersma becoming chief executive.
The Foot Anstey team was led by corporate partner James Evans assisted principally by associate Helen Wallwork.
A team from south west Chartered Accountants Milsted Langdon led by partner Nigel Fry acted as auditors and reporting accountants on the transaction.
The Bristol office of law firm Osborne Clarke led by James Chapman acted for the majority of the selling shareholders.
Dowgate Capital Advisers Limited led by director Liam Murray acted as corporate adviser to Bright Futures for the admission to PLUS.
Duncan Ralph, chairman of Bright Futures Group plc said " We are delighted to be joining the market at this time in the company’s development. We anticipate that our admission to the market will help to broaden the Company’s investor base and enhance its profile in the catering services industry. Furthermore, as part of our strategy is growth via acquisition, our PLUS listing gives us greater options and flexibility in structuring future deals"
James Evans, partner at Foot Anstey said "The deal demonstrates once again that businesses in the South West seeking the flotation route to obtain finance and make acquisitions can find all the specialist legal, accountancy and financial expertise here in the region.
“We were delighted to work with Bright Futures in this transaction and to see this matter through to completion despite the difficult economic climate.”
PLUS is the UK’s new, independent stock exchange for small and mid-cap companies which, amongst other potential benefits, offers a more flexible, straightforward admissions process that can cut the cost of a float on the Alternative Investment Market (AIM) by 50%.
Previously known as Ofex, PLUS was significantly revised and relaunched and is fully authorised and regulated by the UK Financial Services Authority. It has held Recognised Investment Exchange (RIE) status since July 2007 which gives it the same status, rights and privileges as the London Stock Exchange, bringing
Published 13/11/2008
