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Kuits advises The Barkby Group on reverse takeover and AIM placing in time for Christmas

19 Dec 2019

Manchester commercial law firm Kuits has advised The Barkby Group Plc on a reverse takeover on AIM that will see it acquire each of Tarncourt Ambit Properties Limited, Tarncourt Ambit Limited and Workshop Trading Holdings Limited, which are controlled by managing partner Charles Dickson, for an aggregate initial consideration of £30.6million.

Hospitality venture Barkby has announced that it will appoint Charles Dickson as its new Executive Chairman on completion of the deal. Rupert Fraser will remain as Group Managing Director of the enlarged group.

Alongside the acquisition, Barkby announces a conditional placing and subscription to raise £5 million through the issue of 16,666,667 new ordinary shares, following a share consolidation.

Kuits corporate partner Kirsti Pinnell led the acquisition, supported by solicitor Kate Gledhill.

Kirsti Pinnell said: “This is the latest in a series of acquisitions we have completed for The Barkby Group over the last two years, and we are pleased to be advising the group on their exciting growth plans and admission to trading on AIM.

“It was essential the deal was exchanged before the Christmas break and our team worked tirelessly to achieve this for the client.”

Rupert Fraser said: “This is a transformational acquisition for the group. The enlarged group will consist of a diverse portfolio of high growth, high quality businesses, with exposure to two exciting pre-IPO businesses. Our strategy will enable us to accelerate and maximise opportunities within our existing businesses, whilst also continuing to source and invest in new cash generative businesses with the ability to disrupt.

“Charles has vast experience and an impressive track record of building profitable businesses. Together we look forward to growing our portfolio businesses and maximising shareholder value with the potential for successful exits to return capital to shareholders through dividends.”

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