Bishop

Bishopsgate completes a hat-trick of deals in April  

Whilst many people were enjoying the unseasonably good Easter weather, the Bishopsgate team were burning the midnight oil, completing 3 transactions in April.

The hat-trick included the following:

·      The Management Buy-out of Majestic Bingo;

·      The acquisition of Associated Reclaimed Oils by Newark based Enva Specialist Waste, formerly Oakwood Fuels;

·      The disposal of Guttridge Limited to the Singapore headquartered Mitchells Group

James McBain Allan, Partner at Bishopsgate Corporate Finance commented:

“It has been a fantastic start to the year for the Bishopsgate team, with three local deals demonstrating the quality of the Midlands as a hub for entrepreneurship. This follows on from the sale of Davies Veterinary to Linnaeus in February and is testament to the investment we have made at Bishopsgate and the hard work and tenacious attitude of the team. 

Despite difficult deal-making conditions with the Brexit overhang, we will continue to find creative, high value solutions for our clients and our business has shown tremendous growth in 2018/19.

We will not rest on our laurels and are continuing to look at ways of innovating, growing the team and adding to our market leading service offering. We are also in the final stages of securing a high-profile appointment of a leading dealmaker in the Midlands, who we will announce in the coming weeks”.

The Bishopsgate Corporate Finance team move into King’s Mill

King’s Mill, St Peter’s Vale, Stamford. PE9 2QT

King’s Mill, St Peter’s Vale, Stamford. PE9 2QT

The Bishopsgate Corpporate Finance team has moved into King’s Mill, a former watermill on Bath Row in Stamford, following an extensive refurbishment by Burghley Estates.  One of the most historic buildings in the area, a mill was first recorded on the site in the Domesday survey of 1086, and was listed amongst King John’s possessions in the early thirteenth century.

This move and investment signals a statement of intent by BCF as the business continues to invest in its team, infrasture and capabilities to offer market leading M&A advice to owner managers.

KING’S MILL HISTORY

The history of King’s Mill is fascinating.  In 1561, Queen Elizabeth I granted her principal secretary, Sir William Cecil K.G., 1st Baron of Burghley, the manor of Stamford plus the water mill in Stamford, called North Mills.  When acquired by Sir William Cecil, North Mills were also known as “the Queen’s Mills” and by 1627 the mills were referred to as ‘King’s Mill’.

At the end of the sixteenth and start of the seventeenth centuries, King’s Mill was at the centre of a lengthy dispute, locally.  All the inhabitants of Stamford were obliged to grind their corn at King’s Mill or obtain permission to use Stamford’s only other mill - Hudd’s Mill.  However, Stamford’s inhabitants were frustrated by the small capacity of the mill and often took their corn to mills in nearby villages to be ground, whilst some even set up querns in their own property. In 1601, Lord Burghley received the Exchequer’s support to defend his monopoly, but the dispute continued with the people of Stamford until 1640 when the Exchequer decreed that all corn must be taken to King’s Mill ‘provided that if it cannot be ground there within eight and forty hours, then they may take it away to be ground elsewhere’.  We know the current building was constructed around 1640 so it is likely it was built as a result of this decree, in order to increase the mill’s capacity and maintain Lord Burghley’s monopoly.

Joseph Robinson bought the property, then vacant, in 1784 for £100. He erected a granary on the north side of the mill in 1793, together with other alterations and additions. Thomas Gilchrist later bought King’s Mill upon Robinson’s death in January 1823.

The mill was used up until the early 20th Century and the property is now Grade II listed.  In 1967, it was converted into a day care centre for the handicapped before being refurbished by Burghley Estates for Bishopsgate Corporate Finance and its sister company BCF Equity Partners in 2018.

Bishopsgate advise the UK’s leading child day camp specialist, Barracudas, on development capital investment

Barracudas is the UK’s largest operator of activity day camps providing the highest quality in care and enrichment for children aged between 4.5 years and 14 years old.

The business has grown significantly since the opening of its first camp over 25 years ago and now cares for over 30,000 children every year across 42 locations.

The investment will allow founder and Managing Director Neil Greatorex and the Management Team to accelerate growth through increasing national footprint giving more parents and children access to one of the UK’s leading childcare providers.

Neil Greatorex, Managing Director said: “We’ve enjoyed the process and feel that the deal works well for all parties. We feel confident about future growth and development under this structure, it offers opportunities for key staff and at a personal level feels both right and timely. The BCF team have shown rigour and discipline but have been personable and reasonable throughout. At a board level I expect the investors to add significant value.”

The Bishopsgate Corporate Finance team was led by James McBain Allan.

James McBain Allan, Director said: “I enjoyed working with Neil and the Management Team and they must be congratulated on building an exceptional business. This deal again emphasises the quality of businesses we have here in the East Midlands and I look forward to witnessing the continued growth of Barracudas over the coming years.”

The Nottingham office of Allied Irish Bank (GB) (AIB (GB)) supported the transaction working alongside Bishopsgate CF and the Barracudas management team.  Dale Cowdell, who led for AIB (GB) added, “We were delighted to support the transaction and, having reviewed the proposal and met the people behind it, we were quick to deliver full credit approval helping towards a timely completion.  We look forward to seeing this business succeed and grow further in the years to come”.

Advisors included Bishopsgate Corporate Finance (vendor CF), Greenwoods (vendor legals), Thomas Quinn (vendor tax) and Browne Jacobson (investor legals). AIB GB legal advice was provided by Shakespeare Martineau and Mazars provided Financial Due Diligence to the investors.          

 Bishopsgate Corporate Finance is one of the UK’s longest established corporate finance boutiques focused on providing lead advisory services to businesses valued between £2m and £50m. Founded in 1996, Bishopsgate has since advised on over 200 transactions with a total value in excess of £1.5 billion. Our clients include owner managed businesses, private equity backed companies and fully listed PLCs