Ansons Solicitors advised the shareholders of RANDD UK Limited on their sale of the R & D Tax Credit Claims business for a sale price which could rise to £16.8m.

The sale of the Derby based business, to AIM listed K3 Capital Group plc (K3), consisted of an initial cash payment of £6.95m which was raised via a vendor placing, together with additional consideration shares in K3 amounting to a further £2.32m.

The balance of the deal has been structured by way of a vendor earn out of up to £7.5m over three years.

After Heads of Agreement were signed off on 27^th May, the Ansons Corporate team worked tirelessly to ensure exchange of contracts by 29^th June, with completion being conditional upon the successful placing of the Vendor Placing and Consideration Shares in K3.  Completion took place on 1^st July.

Ansons lead lawyer Neil Jones commented “We are delighted to have brought the deal to a successful conclusion for our clients in such a short space of time in what is still a difficult and turbulent corporate marketplace.  This is testament to the capability and determination of the Ansons’ corporate and transactional teams.”

The Shareholders of RANDD further commented “Selling our business was the most important transaction we would ever undertake in our lives. The process is fraught with pitfalls and it is easy to make errors which could cost dearly. Fortunately for us Neil Jones and his team were very accomplished in undertaking such transactions and skilfully guided us through the process, with great professionalism. They gave us superb advice and prevented us from making some fundamental mistakes. The transaction was completed in a very short time frame and it is testament to their knowledgeable input and hard work that we completed it successfully. We are very grateful that they were at our side guiding us every step of the way and we have no hesitation in recommending them to anybody who is thinking of embarking on the same journey.”

John Rigby of K3 added “I am delighted to announce the details of our first acquisition as we welcome RANDD and their team to K3 Group. In RANDD we have identified a business with quality at its core and one which we believe will continue to flourish under the K3 banner as we build upon the strong foundations put in place by the shareholders, directors and wider team over a successful 12 year trading history.  We look forward to working with the RANDD team to continue its growth as we implement our strategy to build a group of complementary professional services businesses to provide UK SME’s with high quality advice across specialist disciplines.”

K3 Capital Group plc were advised by TLT Solicitors out of their Manchester Office with their team being led by Ian Roberts.

If you would like further information or assistance in any areas of corporate law please contact Neil Jones on 01543 431184 or email njones@ansons.law

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