Evolution CBS completes the sale of specialist Recruitment Agency

We are delighted to announce the completion of the sale of Goldhawk Associates, a niche, specialist Recruitment Agency, to Wyndham Street Holdings.

The company was well prepared for a sale, having an established, experienced management team, well ordered commercial information and a pragmatic approach to the ups and downs of the selling process.

There was considerable interest from potential buyers, with 7 coming to the negotiating table and 3 formal offers received.

After detailed discussions, over several months, our Client agreed terms with a large recruitment company and the deal proceeded to Heads of Terms.

Just days before the proposed completion date, the buyer decided not to proceed with the sale due to a change of strategy. The impact on our clients was deeply distressing, causing them to re-consider whether or not to sell the business. However, their faith in Evolution’s ability to achieve a successful sale helped them to make the decision to carry on.

It is critical, when selling a business, to have more than one potential buyer as it is unwise to assume that the preferred buyer will be the eventual buyer. So, on 31st March, Evolution’s team commenced a new approach to the market, re-contacting companies that had expressed interest, along with a further 141 companies.

This resulted in 2 meetings. A formal offer was received on the 8th May as a result and, within a few months, terms were agreed. The deal completed on 31st July and for our Client and for Evolution’s team this proved one of the most rewarding of results. The Evolution team worked tirelessly to achieve a successful outcome for our Client.

We were all keenly aware of the pressure negotiations were having on our Client and were immensely proud to receive a letter from our Client, commenting “We would like to sincerely thank you for your support throughout the marketing and sales process. The end result though has made the effort worthwhile. We have achieved an exit price that we are happy with and without an earn out or entailing significant delayed payments with reliance on company performance post sale. This is worth a great deal to us and we know that it could not have been achieved without you.”

The road to a successful sale can be a difficult one; it takes perseverance, confidence and determination from the sellers, buyers and their representatives. This is why preparing early for exit is so important and, as we tell all our potential clients, it’s never too early to start.

If you would like a confidential discussion about preparing for exit, call Rob Goddard on 0118 402 6892.

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