The sale of a North East company to a national chain has been successfully completed with the assistance of solicitors and accountants based in Sunderland. The former Accident Repair Centre, which operates in Sunderland, Newcastle, and Darlington, employs 100 staff and has a turnover of about £10m. After the sale, it is now part of Steer Automotive, a nationwide automotive repair group with over 50 sites. This undisclosed sale was facilitated by Richard Reed Solicitors, supported by TTR Barnes, both located in Sunderland.
The sale process, which took approximately six months, involved the transfer of shares in the trading company to Steer Automotive, while the owners, Roger Collings and Robert Taylor, retained the holding company. Phil Moir, director at Richard Reed, who specializes in company and commercial work, described the transaction as significant, contributing to a “record year from transactional work.” Moir expressed satisfaction in keeping the transaction local, highlighting the expertise available in Sunderland, negating the need for businesses to seek services elsewhere.
Roger Collings explained that the company’s previous positive experiences with Richard Reed Solicitors, along with the desire to find the necessary expertise and knowledge within Sunderland, influenced their decision. Collings praised Richard Reed’s prompt and efficient services in previous legal matters. He outlined that the complexity of the sale, involving three trading companies and one holding company, as well as arranging leases for the retained properties, was successfully managed with the support of TTR Barnes and Richard Reed. Collings commended both firms, not only for their work on the sale but also for other supporting services. The due diligence process, lasting several months, encountered minimal challenges due to the assistance provided by TTR Barnes and Richard Reed.
The sale of this North East company to Steer Automotive marks a significant achievement for all parties involved. The collaboration between Richard Reed Solicitors and TTR Barnes ensured a smooth completion of the transaction, showcasing the expertise available in Sunderland. This success reflects a record-breaking year in transactional work for Richard Reed.