Prior to completion of the transaction, one of the sellers of the UK target company had agreed to waive his shareholder debt, which was owed by Target and arose from a historic MBO.

The due diligence undertaken by the buyers of some real estate pointed at a potential VAT exposure bought about by the historic use of the Golden Brick, a scheme which allows a developer to recover any development costs expended on VAT.

The insurance market typically is not keen on financial services companies. We were however able to get cover for an FCA approved insurance broker, as follows…