Leading North East commercial law firm Muckle LLP has advised the shareholders of Executel Limited in respect of the sale of the business to telecoms giant TalkTalk.
Executel Limited is a Gateshead-based telephone systems, data solutions and unified communications business which employs 35 people. It was bought by the London-based plc for an undisclosed sum. Executel Limited, a long term partner of TalkTalk Business, has worked with a number of big name companies, including BT and O2, to provide mobile phone packages, lower cost telephone calls and act as a first point of contact for their business customers. It also specialises in the provision of Voice over IP technology and is both a Microsoft and Mitel accredited partner.
Executel Limited’s shareholders chose Muckle LLP to act on their behalf partly because of the law firm’s experience in the sector, having acted on the sale of both BNS Telecom and Fone Logistics to Daisy Group plc last year. A six strong team, led by partner Craig Swinhoe and including solicitor Jennifer Swansey, worked on the deal.
The team at Muckle LLP advised on all legal aspects of the sale and worked closely with David Frith and Charlie Barker of Deloitte LLP to negotiate the deal with TalkTalk. Deloitte LLP advised on evaluating the strategic options and was subsequently appointed to market the company to trade buyers.
Craig Swinhoe, from Muckle LLP’s corporate finance team, said: “Executel is a fantastically run business and we are delighted to have played an important role negotiating this successful deal on behalf of the shareholders.
“The telecommunications industry, in particular, is very competitive and the time was definitely right for the shareholders to consider exiting. There has been, and there will continue to be, a lot of consolidation within the telecommunications sector.”
“This sale came off the back of another strong year for our corporate finance team which has been ranked number one in terms of deal volume for the North East by Experian CorpFin for each of the last two years.”
Jennifer Swansey further commented: “We worked closely with Peter Watson and Deloitte after the offer was received from TalkTalk. We helped to negotiate the offer and guide the shareholders through the legal process including due diligence and the terms of the sale.”
“The deal had its own complexities but we reacted quickly to evolving demands to ensure a tight timescale was met.”
David Frith, Associate Partner at Deloitte LLP, said: “It was clear from the outset that Executel was strategically important due to its dominant market position and excellent reputation in the North East. The Deloitte TMT team was able to quickly access key decision-makers within the trade buyer population and prepare a focused sales process, delivering an excellent result for shareholders.”
Executel Limited’s operations director, Peter Watson, who instructed Muckle LLP on behalf of shareholders Tim and Deborah Price, said: “We’d already heard very good things about Muckle LLP, and though we had meetings with a number of legal firms, they stood out from the rest and had a natural fit with us.
“The service delivery level and quality were absolutely fantastic and I can’t speak highly enough of them. They were very professional, articulate and dedicated – and that stood, not just for one person, but for everyone that we dealt with. Everyone had the same attitude – to make things as simple and as easy for us as possible.
“It was great to know that you had a team of like-minded people who would do everything in their power to support you and get the deal done, whatever the pressures. The service really was first class.”
For more information on how Muckle LLP can help your business, please telephone 0191 211 7777 or visit Muckle LLP’s website www.muckle-llp.com.