Birketts advises on sale of Purdy Holdings to Bilby plc
- Credit: Archant
Regional law firm Birketts has advised the owner of Essex-based Purdy Holdings on the sale of the company to Bilby plc, which is listed on the Alternative Investment Market (AIM).
The deal valued Purdy, a gas and electrical maintenance and installation contractor, at just above £8million, with the consideration consisting of £6.57m in cash, £1m in Bilby shares and a £500,000 secured convertible loan note.
Purday, which is based in Waltham Abbey, operates throughout London and Essex and into Hertfordshire and Suffolk.
Birketts, which has offices in Ipswich, Chelmsford, Cambridge and Norwich, advised on all legal matters, with the firm’s corporate team supported by colleagues specialising in employment and property.
Nick Burnett and Adam Jones led the corporate team, with assistance from Richard Pooley, Alex Forwood, Laura Jackson and Matthew Grindley.
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Adam Jones, corporate partner at Birketts, said: “We are delighted to have helped a very successful entrepreneurial seller achieve his exit to a prominent operator in the sector.
“As the only top 100 law firm in Essex, it is particularly pleasing to work with a significant Essex-based business on its sale to a City-based purchaser, again demonstrating our expertise at dealing with complex transactions of all types.”
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John Horlock, owner and chairman of Purdy, said: “This transaction marks a new chapter in the history of the Purdy business. I am confident that being part of Bilby will enable us to accelerate the strong progress we have made over the last few years.
“The team at Birketts was highly responsive, and frequently demonstrated their commitment to high standards of client care. They maintained the momentum even in my absence when I was not contactable, and the team were seamless in their management of the transaction from start to finish.”