A Midland law firm has helped to save 36 jobs at a Banbury-based outdoor furniture company.
Wright Hassall acted on behalf of business restructuring experts, Hilco Commercial in the management buyout of Oceans International and Oxfordshire Garden Furniture by Oceans Holdings.
Oceans sales of its high quality garden furniture had grown from £1 million to £8 million in the past three years before the business struggled to cope with its rapid expansion.
But the swift completion of this deal has allowed the Oxfordshire company to effectively manage its downsizing and preserve the employment of 36 staff in the Banbury area.
Due to the complex nature of the agreement, a number of different areas of expertise were required to complete the group security documentation, management incentives and tax issues.
But thanks to the versatility and organisation of Wright Hassall’s corporate team, the deal was completed in just six days.
Robert Lee, head of corporate at Wright Hassall and feels this was a defining factor.
He said: “The fact that we are able to call upon a team of lawyers with a range of specialties really helped us to achieve this magnificent turnaround.
“It just goes to show that we are comfortable dealing with all different forms of corporate deal.
“It is particularly rewarding when you are able to play your part in a process that will ultimately lead to saving a number of jobs.”
This deal follows a number that Wright Hassall’s Corporate team has completed recently – including the sale of Zebco Sports Europe, acquisition of Always Group and the sale of Enable Infomatrix Limited – representing a rise in the level of corporate activity being completed by businesses both in Warwickshire and beyond.
Clive Coules of Oceans Holdings Limited, said: “I am very pleased that we have been able to safeguard the employment of the majority of our staff and we look forward to being able to focus on selling and distributing great products to our customers.”
