Budget 2010 - Cooper Parry analysis

Alistair Darling presented his third and possibly his final Budget on 24 March 2010. As expected, the Budget focused on the tough choices ahead to support the fragile recovery of the UK economy as well as tackling the massive level of Government debt.

Click to view Cooper Parry's full Budget 2010 analysis

Cooper Parry and Browne Jacobson advise on £4.4m Venture Capitalist backed management buyout of LEEC Limited

Cooper Parry Corporate Finance and law firm Browne Jacobson have advised the management team of LEEC Limited on a £4.4m VC backed management buyout, funded by Octopus Ventures and Lloyds TSB.

LEEC, whose head office is in Colwick, Nottingham has established itself as the UK market leader in the design and manufacture of mortuary and laboratory products.

The Company provides a full turnkey solution to a variety of customers in the mortuary sector including the NHS, local authorities, universities and funeral directors, offering a unique service which includes consultation, design and manufacture along with ongoing maintenance and servicing.

The laboratory division manufactures and supplies a range of incubators, safety cabinets, drying cabinets and humidity cabinets for the healthcare, life sciences, pharmaceutical sectors and many others. New laboratory products are constantly being developed with the Company recently launching a state of the art CO2 incubator range, targeted primarily at the export market.

Equity funding was provided by Octopus Ventures, with debt and working capital facilities provided by Lloyds TSB which will allow LEEC to continue to develop new products, expand into new geographical markets and provides a solid platform for future growth.

The transaction was led by the MD Paul Venners who throughout his 21 years at the Company has been instrumental to the growth and development of the business.

John Bryant and Rob Burden from Cooper Parry Corporate Finance advised the management team on the transaction. John Bryant said, "We are proud to have supported Paul in his desire to purchase Leec Limited and work with Octopus Ventures helping to position the business for its planned growth into international markets." He continued, “It’s also a fantastic result for Cooper Parry, completing our second deal in a week.”

Law firm Browne Jacobson advised the management team, led by Mark Hughes and Paul McCannah, with Shaun McCabe advising on the banking arrangements. Mark commented, "The deal provides the opportunity to build upon the success already achieved by Paul over many years." He continued, "It is the latest in a series of mid-market private equity deals that we have been involved in and it is very encouraging to see a return to deals of this type successfully reaching completion."

Mark Nunny and Stuart Nicol from Octopus Ventures led the investment in LEEC Limited, Stuart said, “We’re looking forward to working with Paul in the next stage of the company’s development. We’ve been impressed by the company’s strong trusted relationship with its UK mortuary customers. Our funds will help to ensure that the company remains the market leader in this niche.”

Liz Fuge from Lloyds Banking Group said, “Our team, led by myself and relationship director Leo Magee, has worked closely with LEEC for many years. The company’s experienced management team has a strong track record and we were pleased to support this transaction with a collaborative approach from different divisions within the bank to provide the diverse funding solution required.”

Go to http://www.cooperparry.com/ or follow us on http://twitter.com/Cooper_Parry

Nottingham Forest help launch 8th Cooper Parry Corporate Challenge

Nottingham Forest midfielders Guy Moussi and Radoslaw Majewski were down at the training ground with Nottingham business advisers Cooper Parry today to launch the firm’s team challenge that takes place alongside the Experian Robin Hood half marathon on 12th September 2010.

The Cooper Parry Corporate Challenge is an event specifically aimed at local businesses. Teams of five follow the same course as the Experian Robin Hood half Marathon with each team member running around 2.5 miles before passing over the ‘baton’.

Race Organiser, Melanie Campbell said, “This is our eighth year organising the event and we’re really pleased to have Nottingham Forest on board as partners.”

The Cooper Parry Corporate Challenge remains the UK's largest corporate relay and is the single highest contributor to the Robin Hood marathon charities. The event has raised some £200,000 over the last seven years for the marathon charities and in 2010 the firm hopes to increase their fundraising even more.

Ben White, Nottingham Forest said, “It’s great to be supporting Cooper Parry’s team event and we encourage businesses to take up the challenge and raise money for worthy causes. We will be putting forward a Nottingham Forest team and are already looking forward to the day.”

Last year East Midlands Development Agency (emda) won the race in a time of 1:27:53. In second place was MMD Mining Developments Ltd with a time of 1:28:41 and in third place, Perkins Restaurant, in a time of 1:31:57.

Cooper Parry Chairman, Colin Shaw, said: ‘It’s a great day for everyone, whether you’re a serious team of runners or just in it for fun. We all try to raise as much money as possible for charity, local businesses have great fun and get a little fitter along the way. Nearly £30,000 was raised last year and this was a commendable effort in the economic climate.’

He continued ‘It is genuinely a fantastic day out for all, but more importantly it is an opportunity for local businesses to give back to the community we live and work in.’

This year’s event takes place on Sunday 12 September 2010.

For businesses interested in entering a team please contact Melanie Campbell on 0115 9580212 or enter a team here