Cornerstone undergoes MBO

Estate agency Cornerstone The Midlands, which trades under the Burchell Edwards Estate Agents banner, has been acquired by newly established company Burchell Edwards Midlands for an undisclosed sum.


Estate agency Cornerstone The Midlands, which trades under the Burchell Edwards Estate Agents banner, has been acquired by newly established company Burchell Edwards Midlands for an undisclosed sum.

Estate agency Cornerstone The Midlands, which trades under the Burchell Edwards Estate Agents banner, has been acquired by newly established company Burchell Edwards Midlands for an undisclosed sum.

he move was made when Cornerstone The Midlands, Burchell Edwards’ parent company, was put into administration and managing director Michael Bruce and his brother Kenny agreed to buy the Burchell Edwards name and assets.

Hawkins Hatton LLP acted as the legal adviser to the purchasers. Colin Rodrigues led the legal team. He said: “The Burchell Edwards deal was particularly difficult as it not only comprised an estate agency business, but also a financial services business and legal practice. We had to have regard to all these aspects of the transactions to deliver the deal in a short timescale and avoid further implosion of the business.”

David Whale of accountant Michael Dufty Partnership and his team assisted with the negotiations, financial structure and business plan for the new company.

Whale led a team of advisers to ensure the acquisition was achieved with minimal financial risk to the new business and safeguarded more than 100 jobs. He said: “We steered the acquirers through the process and we are assisting the new business by preparing regular key management information to help to ensure the company’s future success.”

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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