Taylors Solicitors advises WeDo Invoice Finance on a double acquisition
Northwestern law firm Taylors Solicitors advised WeDo Invoice Finance on its acquisition of Alexanders Discount and Corporate Commercial Collections in a multi-million pound deal.
Alexanders and CCC, two sister companies based in Colchester, had experienced financial difficulties and FRP Advisory was appointed corporate director in June.
The acquired companies, which provide finance to companies across the UK in sectors such as recruiting, construction and manufacturing, were absorbed into WeDo Invoice Finance.
The deal increases the presence of WeDo, headquartered in Oldham, in the south, in line with an ambitious growth strategy.
WeDo Invoice Finance is part of the WeDo group of companies founded by directors Chris Robinson and Mark Lindsay.
The group started operations in 2019 with around five employees and now has over 30 employees based in offices in Oldham, Sheffield, Swindon and now Colchester. Its other divisions include WeDo Trade Finance, WeDo HR, and WeDo Recruitment Investments.
The Taylors team that advised WeDo on the double deal was led by partners Andrew Livesey and Stuart Beatson.
Andrew, Manager of the Taylors Manchester office, said: “We are delighted to have been able to help WeDo Invoice Finance acquire the businesses previously carried out by Alexanders Discount Limited and Corporate Commercial Collections Limited.
“The transfer of a ‘live’ financial business gave rise to a number of interesting technical challenges that had to be overcome as existing customer positions and associated agreements were migrated to WeDo.
“We are very happy to have been able to work with WeDo since its launch in 2019. Mark, Chris and the entire WeDo team are excited to work with them as their business continues to grow. “
Chris said: “The invoice finance market was growing as companies established in industries such as recruiting and construction rebounded from the effects of the pandemic and saw demand rise sharply.
“The pandemic has inspired many people to start their own businesses, which require financial support to help them grow.
“We are an ambitious and growing company and, as part of our growth strategy, we have sought to increase our presence in the south.
“The companies we have acquired have good management teams and many synergies with our existing operations, so we are delighted to have been able to take the opportunity to purchase them.
“Taylors provided excellent and proactive support throughout the process, being available at all times to help us move the matter forward.
“It was important to close the transaction quickly in order to alleviate any uncertainty among business customers following their entry into administration. Fortunately, we were able to reassure them that we are there for them to support their growth goals. “