Birketts advise Alstons Upholstery on cross-border sale
Birketts LLP, the top 100 law firm based in the East of England, and BDO LLP, leading accountants and business advisers, have advised the owners of Alstons (Upholstery) Ltd on the company's proposed sale to Thailand Carpet Manufacturing plc (TCMC). TCMC is listed on the Stock Exchange of Thailand.
Established in 1951, Alstons Upholstery is a fifth-generation family business based in Colchester, and one of the largest family-owned manufacturers in the UK supplying sofas to independent stores and well known multi-site upholstery retailers.
Under the new owners the business will continue to operate from Colchester using the Alstons Upholstery name, with plans for new investment and expansion under the ongoing management team. The financial value of the transaction has not been disclosed and the sale is due to complete on 19 June, subject to TCMC shareholder approval.
Birketts advised on all legal matters where Adam Jones led the award winning corporate team. Assistance on the deal was provided on a range of legal services – employment, corporate and property - by Kevin Palmer, James Davison, Alex Forwood and Matthew Grindley.
The BDO team acting on this deal was led by corporate finance partner Keith Ferguson, who was assisted by Ryan Nicholson and Sam Mason.
David Alston, CEO at Alstons, stated: “As owners of a family business, with a long history in Colchester, the decision to sell was not an easy one. We were very grateful to rely on the advice and strong project management that we received from Birketts and BDO.”
John Alston, chairman at Alstons, added “Both firms really understood the significance of the decisions that we were taking as a family business. The teams at Birketts and BDO were highly responsive and worked to a very challenging timetable in order to make this deal happen.”
Adam Jones, corporate partner at Birketts, said: “Birketts has provided legal advice to the Alston family and business for many years and the proposed sale will represent a very successful culmination of that relationship.” He continued: “As the only full service top 100 law firm in Essex, we are delighted to help a highly successful and prestigious Essex-based family business secure the deal with a large international purchaser.”
Keith Ferguson, corporate finance partner at BDO, commented: “The cross-border and capital markets aspects of the proposed deal with an overseas listed purchaser presented significant challenges to the sellers, but with our vast international transactional experience BDO were delighted to guide John, David and the management team successfully through the process.”