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Deals |
40 |
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DEAL ANNOUNCEMENT |
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Dow Schofield Watts LLP has advised on the sale of Midland Vehicle Contracts Limited to Prohire Group plc |
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No. |
DATE COMPLETED | PRICE PAID | HOW SATISFIED |
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40 |
6 December 2006 |
Not disclosed |
Cash |
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DESCRIPTION OF THE BUSINESS AND THE DEAL |
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Dow Schofield Watts has advised on the sale of Midland Vehicle Contracts Limited ("MVC") to Prohire Group plc, the Staffordshire-based asset leasing company. As a division of Prohire Group plc, Midland Vehicle Contracts Limited will continue to trade as such for the foreseeable future and the directors of Prohire are delighted to confirm, all MVC personnel including shareholder, Andrew Mellard, will be retained to add value in the enlarged Group. Since purchasing Securicor Vehicle Management in 2003, Prohire had been searching for further UK acquisitions. This concluded at Cobridge based MVC, which is just a few miles from Prohire's head office in Fenton. Prohire sees its acquisition as a natural stablemate to its existing companies. |
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ADVISORS |
ROLE |
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| Dow Schofield Watts LLP | MVC – Financial Advisor | ||
| Cobbetts LLP | MVC - Legal Advisor | ||
| Grant Thornton LLP | Prohire – Legal Advisor | ||
| Browne Jacobsen LLP | Prohire - Legal Advisor | ||
