Muckle LLP advises H&H Group Plc on its £8.2m acquisition of John Swan & Sons Plc

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The deal will create the UK’s largest livestock auction marts business.

The shareholders of John Swan & Sons Plc (John Swan) voted 100% in favour of its acquisition which will take over their livestock marts at Newtown St. Boswells, Scotland and Wooler, along with property around Edinburgh.

John Swan was the only UK mart business to be quoted on the London Stock Exchange. The listing will cease following the acquisition.

The takeover was based on £13.50 per share being paid to existing John Swan shareholders with an option to take H&H Group shares in lieu of cash.  This values the transaction at £8.2 million.

This acquisition brings together two well-respected livestock marketing businesses that both have heritages stretching back more than a century. The strength of the Carlisle-based H&H Group, which owns Harrison & Hetherington, will allow fresh investment in the marts, and will further increases the group’s geographical coverage into Northumberland and the South of Scotland. Existing John Swan staff has been retained and H&H is already looking to recruit for new roles.

Finance for the deal was provided by H&H Group’s existing bank, Clydesdale Bank Plc, who worked closely with H&H Group to make sure the deal could be completed, they had the certainty of funds, and the ongoing support of the bank.

Speaking about the deal Brian Richardson, Chief Executive of H&H Group Plc said, “This deal has been exceptionally complicated and taken a long time to come to fruition. Muckle LLP have worked closely with us to make sure all aspects of transaction were dealt with efficiently and provided ongoing legal advice to us as the deal progressed. It is helpful that Muckle have a large team to provide that backup alongside the expert advice on the takeover panel requirements.

“This has certainly been a long transaction and the Muckle team has displayed determination and enthusiasm alongside their technical knowledge to allow the deal to be completed.”

Please contact Andrew Davison on 0191 211 7950 or email [email protected] or anyone  the team for us to help you during 2015.