Southampton: BDO completes four deals in three months

BDO Southampton’s Corporate Finance team has completed its fourth deal in just three months – a sign of positivity in the current financial climate according to BDO Partner Paul Russell.

He explained: “I believe there is still reason for caution, but these deals highlight a more positive outlook in the market. We look forward to 2010 where we forecast more corporate finance deals in the local area and throughout the South.”

Most recently BDO completed the disposal of Surrey-based Thamesdoc, a provider of out-of-hours GP cover and other medical-related activities, which has been acquired by Harmoni, an independent provider of Primary Care Services with offices in Southampton.

BDO’s role as lead advisor to the board of Thamesdoc contributed to the smooth completion of the transaction - made more complicated as the business was a Company Limited by Guarantee with c170 members.

During the summer, BDO advised the management team of Modelzone on a management buyout.

West Sussex–based niche retailer Modelzone supplies plastic model kits, die cast collectibles, remote control vehicles, railways and slot racing games from 29 stores across the UK including Basingstoke, Guildford and Brighton. The deal was backed by LDC at an initial value of £5.6m, with a further £3.6m being made available to implement an accelerated store roll-out plan.

Appointed by Gold Group to sell the business, the opportunity was offered by BDO to undertake an MBO, which was agreed.

Although the total amounts on each deal have not been made publicly known, it is thought the four deals combined are worth in excess of £80m.

“This level of activity in such a difficult market place is testament to BDO’s position as one of the leading Corporate Finance teams in the South” said Russell.