Private equity returns to invest in the region
unw dealmaker Paul Kaiser has completed his first major transaction since returning to the North East having advised recruitment consultant Nigel Wright Group on a substantial multi-million pound investment by a US private equity firm.
The Journal reported earlier this month how Baird Capital Partners Europe, the European division of Baird Private Equity, has taken a majority stake in one of the North East's biggest specialist recruitment companies to fuel its international growth - marking one of the most significant private equity deals in the region in the last few years.
Nigel Wright Group, which began life as a sole trader on Tyneside 22 years ago and now employs 100 staff trading across 16 countries, was advised by corporate finance partner Paul Kaiser, four months after he relocated back from London and joined Newcastle-based business advisory firm unw.
The consumer specialist recruitment company, whose clients include Coca Cola, Walt Disney and Procter & Gamble, was advised on the transaction by Kaiser, who previously spent 23 years with Deloitte in Newcastle and latterly in London.
Nigel Wright Group, which is headquartered in Newcastle and operates offices in London, Stockholm, Copenhagen and Paris, will use the investment to increase its staff numbers by 20% in 2011 and accelerate its growth plan in Europe and further afield.
unw corporate finance partner Paul Kaiser said: “I’m delighted to have worked with Nigel Wright and to have helped him achieve a great result for the business he founded many years ago now. It’s pleasing to see a well known North East business flourishing in what are difficult times for many businesses in our region.
“I returned to the North East advisory market for interesting opportunities just like this; this transaction is a good barometer to the sort of transaction that can be delivered for owner managed businesses.
“In what has been a difficult climate to attract investment or indeed bank funding there are a number of fundamentals that a business has to be able to demonstrate; resilience through the down turn, real growth potential in the markets in which it operates as well as a proven management team with a sound strategy.
“This transaction is a further sign that private equity, from which new investment in our region is at an all time low, is returning to the North East after a long absence for the right transaction.”
According to Kaiser, a significant proportion of transactions that are taking place, nationally and in the North East, are trade buyers with significant increase in the number of US buyers because they remain keen to take advantage of the continued weakness of sterling against the dollar.
He said: “Deal volumes n the North East remain down on historic levels as do values being paid. Is this likely to change in the near term? I doubt it, the last five to 10 years of aggressive pricing was supported by financial markets with plentiful and relatively cheap capital. Conditions have changed.
“But the current economic conditions, while presenting challenges, equally present significant opportunities for both owners and advisors.
“I’m certainly hearing some interesting things from North East businesses and I suspect there will some more interesting transactions over the next six months.”
Other 2010 news
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Private equity returns to invest in the region
unw dealmaker Paul Kaiser has completed his first major transaction since returning to the North East having advised recruitment consultant Nigel Wright Group on a substantial multi-million pound investment by a US private equity firm.
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The future of UK GAAP
On 29 October 2010 the ASB (UK Accounting Standards Board) issued a new standard that will fundamentally change the financial reporting of entities not currently applying the EU adopted IFRS.
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Childcare vouchers - new update
HMRC recently issued an update regarding operating the proposed new rules for the provision of childcare vouchers which take effect for new joiners to employer childcare voucher schemes from April 2011
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Dental practice acquisition is a family affair
Alan Suggett makes it a family affair after advising his son, Nigel, on the recent purchase of his dental practice
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HMRC attack on private use of company vans
HM Revenue and Customs (HMRC) are stepping up their campaign to increase the amount they are collecting in PAYE and NIC and we are seeing an increase in activity, particularly from employer compliance teams looking to target specific areas.
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Historic Chapmans enjoys new lease of life with unw advice
A fifth generation furniture retailer is creating windows of new business opportunities after undergoing a strategic planning project with business advisors unw.
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NIC Saving Opportunity - car cash allowance
Following a recent court case in favour of the taxpayer, the opportunity exists to reclaim employers NIC for previous years which has been paid on cash allowances given in lieu of a company car to run their own private cars.
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Ramsdens strikes gold with unw advice
unw recently assisted Ramsdens Financial to secure a "substantial multi million pound" funding facility
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unw Raises £5,000 for ill and disabled children
Needy North East children will receive over £5,000 to buy vital equipment after a team from unw peddled almost 150 miles over the bank holiday.
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unw Saddling up for Sunshine Fund Coast 2 Coast cycle
unw team of 14 due to set off to raise funds for the Evening Chronicle Sunshine Fund
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Audit Update - iXBRL
From 1 April 2011, all companies and organisations will need to file their Company Tax Returns online.
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Economic Insight July 2010
Monthly briefing from ICAEW's economic advisers
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New tax partner for unw
Lee Muter joins as employment taxes partner
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Top adviser returns to the region after brokering a deal with unw
Paul Kaiser appointed head of unw corporate finance lead advisory team
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Post Election Budget June 2010
unw's Post Election Budget Summary is available for you to download
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unw has its fingerprints all over biometrics investment deal
i-Evo receives key funding from Finance for Business NE Fund with the help of unw
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unw advice was first source for Firstsource
unw helps Firstsource secure £1.9m grant to create up to 500 jobs
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Jobs boost as aircraft carrier accommodation remains in the North East
unw credited with providing critical advice to Hertel Technical Services to secure naval contract and jobs in the North East
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International Financial Reporting Standards for SMEs
UK Accounting Standards Board to converge with IFRS
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unw Helps Chris fulfill Uganda charity trip
Chris Wood made the trip of a lifetime to complete a vital financial health check for a Ugandan charity.
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unw completes new deal for corporate finance executive
unw Corporate Finance department welcomes a new team member
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PAYE Penalties
Late payment penalties could be charged on any PAYE amount due if it isn’t paid in full on time
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Firm gets teeth into more work
unw is getting its teeth into new business across the UK as the firm takes its dental business expertise to the capital and beyond.
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The Budget 2010
Following Alistair Darling's pre Election Budget delivered yesterday, we offer a concise summary of the main tax issues for you to download.
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VAT cheque payments by post - Important Changes
HMRC announce important changes to payment of VAT
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Firm saves 60% by outsourcing accounts
A North East architectural group says it has shaved 60% of its accounting overheads after switching from an in-house financial director to external chartered accountancy firm unw.
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10 Things you didn't know about unw
A list of 10 things you didn't know about us!
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Farmers energised by advisers
Sisters Heather Hogarty and Fiona Teasdale are feeling ‘energised’ about their Northumberland visitor’s centre after carrying out a fast-track strategy session with chartered accountants unw.
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Croft Technology takeover will be a one-stop shop for IT
unw Corporate Finance recently assisted TSG in the successful purchase of Croft Technology
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Painful Extractions
Over recent years, HMRC have become increasingly interested in the company law elements of dividends.
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Nearly £60m of grants secured by unw team
unw has increased the value of grants for its clients to nearly £60m in the last year.
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Temporary first year allowance
To encourage investment in the current economic climate, an extra capital allowance is available on a temporary basis
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Extra Bank Holiday announced for 2012
The Queen’s Diamond Jubilee will be marked by an extra bank holiday in 2012, it was announced this week.
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Royal Mail - Possible VAT reclaims
Possible retrospective VAT recovery on postage costs (paid to Royal Mail)
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Selling your practice - use tactics!
Corporate dental chains have shaken up the dental industry in many ways and one is the valuing, buying and selling of dental practices. When corporate acquisition teams flush with investors’ capital start knocking on dental practice doors, a re-eva
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unw Commentary on Pre-Budget Report 2009
Chancellor Alistair Darling presented his Pre-Budget Report on Wednesday 9 December 2009.
