Lawyers at national law firm Clarke Willmott LLP have advised on the sale of Capital Cash Limited to the UK’s largest second-hand retailer, Cash Converters UK.
The firm acted for the management team and sellers of Capital Cash, in a transaction with an estimated deal value of £13.9 million.
Capital Cash is the largest franchisee for Cash Converters in the UK, operating 42 stores across England offering pawnbroking, buyback and retailing of second-hand goods. Cash Converters is listed on the Australian Stock Exchange and is the master franchisor to 188 stores in the UK, and more than 700 stores worldwide.
The deal provides Cash Converters with a corporate store footprint in the UK and an experienced management team which will continue to grow the Cash Converters business in the UK. Completion of the transaction is subject to certain conditions, including regulatory approval by the Financial Conduct Authority in the UK.
The exchange of contracts was announced on the Australian Securities Exchange Ltd (ASX) and it is hoped the deal will complete in early summer.
The Clarke Willmott team was led by corporate partner Richard Swain, based in the firm’s Southampton office, supported by corporate solicitor Bryony Warren and other specialist lawyers from across the firm.
Richard Swain said: “This was a great deal to be a part of, and we are really pleased to have been able to support the Capital Cash management team on a transaction which is a fundamental part of the strategic growth of the Cash Converters brand in the UK.”
Capital Cash’s managing director Carl Murray, who will assume the Cash Converters UK CEO role as a part of the acquisition, said: “We have worked with Richard Swain and the team at Clarke Willmott for a number of years on multiple transactions, and it has been a pleasure working with Richard, Bryony and the team again on this transaction. Their diligence and professionalism are a credit to them and the firm.”
International law firm Herbert Smith Freehills acted for Cash Converters.
Clarke Willmott is a national law firm with offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton, and Taunton.
For more information visit www.clarkewillmott.com