Mergers and Acquisitions

Herrington Carmichael is a full service law firm offering legal advice to UK and international businesses as well as individuals and families.
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Mergers and Acquisitions

Our M&A Team provides pragmatic, commercially relevant and bespoke advice at all stages of M&A transactions. Whether it’s structuring a data room for a vendor-led bidding process, negotiating on your behalf during an all parties meeting or advising on a sale or acquisition, our team will provide their commercially relevant knowledge throughout the transaction. We advise clients in all stages of their business lifecycle, ranging from rapid-growth start-ups to listed corporates allowing us to provide tailored corporate advice relevant to the unique circumstances of each of our clients.

The M&A Team covers a wide range of transaction types, ranging from smaller transactions to multi-million pound, complex deals. One part of the team specialises in complex M&A, which involves intricate consideration mechanisms, multiple phased transactions, reorganisation of group structures pre-acquisition and often in collaboration with our overseas colleagues where the transactions have international elements.

Yavan Brar leads the Complex M&A Team, using his particular understanding of the law and his skillset in translating the clients' desired commercial outcomes into the drafting.

Recent M&A Corporate deal highlights include:

  • DataOps.Live – advice on their £10.3 million series seed funding round led by the west-coast US venture capital investor, Anthos Capital alongside co-investor, Snowflake Ventures
  • $60 million – New York Stock Exchange listed SatixFy Communications Ltd advised on sale of SatixFy Space Systems UK Limited
  • £21.2 million sale of national financial advisory business to market consolidator
  • £10.5 million sale of self-storage asset to US private equity fund
  • £8.2 million sale of market-leading travel agency
  • £5.3 million trade sale of multi-generational steel business to key supplier
  • £2.7 million acquisition of independent financial advisor business by expanding financial advisory network
  • £400k sale of UK manufacturing branch of US-based private equity backed label business
  • £250k pre-pack sale of the business and assets of a national EV station installer in administration
  • £100k sale of the business and assets of an insolvent regional audio-visual installer during liquidation

Herrington Carmichael is recognised for its market-leading expertise in high-value transactions and advisory work across the financial services sector. We offer thorough and practical expertise tailored to the specific needs of PRA and FCA regulated clients and work with a range of acquirers and vendors in the Financial Services sector. These range from the requirements of the Financial Services & Markets Act and the FCA Regulations, to the ways that businesses generate revenue and provide advice to their clients.

Our clients rely on us to advise on their most strategically important transactions, where commercial priorities, regulatory requirements and people considerations intersect. With a strong understanding of the regulatory landscape and the day-to-day realities of operating in a regulated environment, we are able to navigate complex issues and deliver efficient solutions that work in practice as well as in principle.

Our specialist team have extensive experience of navigating these points during a transaction and are able to deliver pragmatic legal solutions to achieve clients' objectives and the team has been recognised by industry peers, winning the "Best Legal Support to Advisers" award in the 2024 FT Adviser Awards.

Recent highlights of the team include:

  • £60m sale of retained equity from 12 subsidiaries to national financial advisory consolidator
  • £27.5m sale of discretionary fund manager
  • £2.7m acquisition of entire issued share capital of independent financial advisory business
  • £9m sale of financial advisory division of regional chartered accountancy practice
  • £5.5m sale of financial advisory limited liability partnership

HC's Technology M&A Team has overseen changes within the dynamic global tech ecosystem marked by rapid innovation, with emerging technologies like AI, blockchain, and 5G shaping industries, fostering a digital transformation across the globe and continues to grow at an immense rate. The Herrington Carmichael M&A Team have specialist expertise in working with technology companies whether in selling or buying companies or assets.

Our tech M&A team, use their particular knowledge on the nature of tech assets and the market to achieve a desired outcome for our clients.

Herrington Carmichael's Healthcare M&A Team has been navigating a transformative healthcare landscape, embracing digital innovation, personalised medicine with an increasing emphasis on preventative care.

HC acts for a plethora of clients ranging from care homes, medical labs, medical equipment suppliers and dental practices and guides his clients through the intricacies of healthcare related transactions. In particular, we have extensive experience in dealing with Care Quality Commission regulations and General Medical Council regulations. The team are familiar with the processes required to ensure the relevant approvals are sought leading to an overall smoother process for our clients.

The team has many years of experience building in depth and specialist knowledge to handle the technical aspects of advising businesses operating in the leisure, hospitality and retail sectors and are able to advise on all sale, acquisition, commercial contract and compliance matters for any size of business.

The team can provide strategic advice to guide you through a sale or acquisition and to assist with the day to day running of a business. We understand the time pressures involved in a sale or purchase of a business and will project manage the transaction from instruction through to completion.

The team understands the employment, real estate and regulatory law considerations that apply to businesses operating in the leisure, hospitality and retail sectors and can provide a full, holistic legal service to support your business.

The team has a track record of assisting business owners to successfully sell and also to grow, via acquisitions, their independent leisure, hospitality and retail companies ranging from one off smaller shops through to garden centres and marine businesses.

We have many years of experience advising professional service firms on corporate matters with a specific focus on assisting with the sale and purchase of accountancy and bookkeeping businesses. Each professional service business and transaction requires a tailored approach having regard to the specific industry's regulations and professional bodies interaction with the anticipated transaction.

We have acted for a broad range of professional services firms ranging from accountants to insurance brokers assisting owners who are looking to expand their businesses by acquiring additional client books or who are looking to sell their entire business. The team understands the regulatory requirements that apply to professional services firms and are adept at project managing transactions from instruction through to completion.

Our Corporate Insolvency Team has vast experience advising on business acquisitions and sales that are driven by insolvency.

Frequently working alongside industry-leading insolvency practitioners, Herrington Carmichael is able to provide swift and effective advice to complete transactions within tight timeframes, with a tailored service for the requirements of each individual transaction.

Our Corporate Insolvency Team's pragmatic services also extend to assisting with the regulatory considerations that parties to distressed M&A need to make, thereby providing a full service to its valued client base.

Herrington Carmichael is recognised for its market-leading expertise in acquisitions ranging from £1–10 million in enterprise value. Undertaken for owner managed businesses; whether that is a business owner seeking inorganic growth via acquisition as part of a pre-exit growth strategy, or a business owner seeking to exit and realise full value for the business, Herrington Carmichael's specialist business ownership M&A Team can assist.

Herrington Carmichael delivers clear, responsive and proportionate legal advice and which is consistent with the same level of care and legal expertise as larger transactions – but often focused on different objectives and typically within tighter budgets and timelines.

We are trusted by entrepreneurs, SMEs, and family-run businesses both buy-side and sell-side to support them through every stage of the transaction, providing practical guidance, managing risk and helping you close your deal with confidence.

Key contact

Alex Canham PNG
Alex Canham
Managing Partner, Head of Corporate

What our clients say about us

We were very impressed with the service provided by Herrington Carmichael. Michelle & Siddhartha were highly responsive and provided clear, professional advice throughout the process of our director's loan conversion. Their support with our company secretarial requirements was excellent, and we would highly recommend their services.

We needed urgent assistance and you delivered way beyond expectations. Really appreciate you, Chris, Sophie and Samuel, and all your teams effort.

I would highly recommend using the services of Samuel and the Herrington Carmichael Team. The expertise was consistent from my initial contact through to completion. Working against time constraints, the communication, responsiveness and due diligence from Samuel was first class.

We appointed Herrington Carmichael to act for us in the sale of our Chartered Financial Planning business. From the outset, we were impressed with Alex and Lucinda's professionalism. This impression was backed up by helpful and knowledgeable support from them and their team throughout the sale process. All aspects of the sale discussions were dealt with carefully and efficiently, resulting in a satisfactory outcome for us as sellers.

Joel and his team are an absolute pleasure to work with. From day one to completion, they were totally engaged in the sale process to ensure the best possible outcome for us as individuals. Their wise counsel throughout the process was invaluable, and I wouldn't hesitate to recommend them.

I have worked with Joel and his team on two acquisitions, on both occasions he has been professional, knowledgeable and approachable. He is able to explain the process in layman’s terms, clearly differentiating between the preferred and essential in contract negotiations. I wouldn’t hesitate to use or recommend Joel's services again.

I recently completed the sale of my business. Herrington Carmichael acted on my behalf, and my contact was Joel Gocool. Joel and his team were magnificent. I had one point of contact throughout the process, which made everything much easier. Joel was very easy to get on with, attentive, and promptly answered questions or queries. The advice I received was balanced, and Joel helped me to navigate my way through the warranties and indemnities, making the journey as easy as possible for me. I would like to thank him and his team for their very professional assistance throughout and would not hesitate to recommend the Firm to other business owners.

This was the first time we had worked with Herrington Carmichael, and we were extremely happy with our experience. We found Joel to be helpful, always on time for meetings, flexible and his legal knowledge was very good. We completed on a very tight schedule and Joel addressed all the key issues to make this happen. Joel is very easy to get on with and a pleasure to work with. We would strongly recommend him and highly recommend the firm to others.

I would like to express my thanks to Harry Winkley, Joel Gocool and the team at Herrington Carmichael for their pro-active approach in our recent acquisition to the Surelock McGill Group of companies. A smooth transition working closely and professional within our set parameters, also within predicted budget. Many Thanks to the full team at HC.

I recently sold my business. I was advised to use HC as they have experience in selling financial advisory companies. I have been delighted with the work that they did. They were thorough and quick to engage, and from a cost perspective, they met the quote that they had given at the outset. Most importantly, it was imperative that, with a relatively short window to operate in, we got the deal over the line before the new tax year... we completed on the 31st March. I am so pleased with all Joel and Dylan have done and would recommend HC highly.

We recently worked with Joel Gocool and Dylan Cutifani on the successful completion of our Management Buyout (MBO). Throughout the process, they provided clear advice and guided us confidently through what was a complex process. Their attention to detail, commercial understanding, and responsiveness helped ensure the deal progressed smoothly and efficiently. We particularly valued their ability to explain legal matters in straightforward terms and their proactive approach to resolving issues that arose. We would have no hesitation in recommending Joel or Dylan to any business considering an MBO.

I cannot thank Joel, Dylan and the wider Herrington Carmichael team enough for their outstanding support throughout the sale of my shares. What should have been a straightforward transaction became far more complex and protracted than anyone anticipated, with numerous delays and challenges along the way. Throughout the process, Joel and Dylan remained calm, professional, responsive and completely committed to achieving the best possible outcome for me. They provided clear, practical advice, kept me informed at every stage and worked tirelessly to keep the transaction moving forward despite repeated obstacles. Their attention to detail, persistence and ability to navigate difficult negotiations gave me complete confidence that my interests were being protected at all times.

Beyond their legal expertise, what stood out most was their genuine support. This was a stressful and emotionally draining transaction, and there were times when I felt like giving up. Joel and Dylan were always there to provide reassurance, explain the next steps and ensure I never felt that I was facing the process alone. I am incredibly grateful for their professionalism, dedication and perseverance in bringing the transaction to a successful conclusion. I would have no hesitation in recommending Joel, Dylan and Herrington Carmichael to anyone looking for solicitors who combine exceptional legal expertise with outstanding client care.

Joel and the team at HC provided exceptional support throughout what was a complex and high-value transaction. Their calm, pragmatic approach and commercial understanding gave me confidence at every stage of the process. Joel’s communication was clear and consistent, and he was always there to support me and reassure me at all hours and he always made sure my priorities were fully protected while maintaining momentum to completion.

I would have no hesitation in recommending Joel and HC to anyone seeking experienced, commercially minded legal support for an investment process or business sale.

Alex Canham and Joel Gocool are a delight to deal with and form a highly efficient team. They have gone the extra mile in our negotiations.

I recently used Herrington Carmichael Solicitors for the sale of a house and was very impressed with the service. This is the second time I’ve used them, and once again the team were polite, efficient, and kept me well informed throughout the whole process. Communication was clear and timely, which made everything run smoothly and stress-free. I would happily recommend them to anyone looking for reliable and professional solicitors.

Over the period Oct. to Dec.’25, Herrington-Carmichael supported us with regard to the closure of an employer-managed pension scheme. Mark Chapman provided excellent guidance and documentation to ensure that the overall project was correctly completed in the required time-frame. I would not hesitate to recommend Herrington-Carmichael as a partner to provide support with any legal matters.

I have had the pleasure of working with Liz on several complex property purchases, including overseas-based companies and legal opinions, commercial leases analysis, building contracts assignments and collateral warranties. On each occasion, Liz has acted promptly, kept me appraised of the progress and demonstrated excellent commercial awareness and professionalism in dealing with clients’ solicitors. I have no hesitation in recommending Liz for all property-related legal matters.

Their expertise has been invaluable to us as landlords for all sorts of disputes and lease extensions, which can be a minefield. These matters are always dealt with extremely well. It is hard not to praise them too highly, to be honest, as in all of my dealings, I can say that I have always had a very positive outcome.

The real estate team at Herrington Carmichael has expertise in advising on development work, including acting for lenders in the development sector, working with banking institutions, undertaking agricultural matters and advising on leasehold and enfranchisement issues.

The team at Herrington Carmichael are responsive and reliable and provides an exceptional service to us. There is a strong level of ownership from the team, and they go the extra mile to ensure that there is a thorough examination of each transaction and that our interests are always protected.

The Real Estate team at Herrington Carmichael delivered their expertise in a pragmatic and commercial way, maintaining a professional and responsive approach throughout. They provided clear, commercially informed guidance and took a highly structured approach to coordinating the requirements of the transaction and our development strategy. I extend my sincere appreciation to Liz and her team for their sustained commitment to excellence and for their invaluable support in bringing this project to a successful exchange for Storage King. We are pleased to regard you as a trusted and valuable part of our professional team.

I have worked with Herrington Carmichael and Liz Hailey for many years. The recent purchase of a development site for a new home was particularly complicated, involving complex title issues on a large multi-use site, planning considerations, development agreements, easements, collateral warranties and guarantees.......Thank you to all the team at HC for your continued excellence and your support in concluding these exciting new projects for DMP...

The Real Estate team at Herrington Carmichael were excellent in dealing with this transaction; they delivered their expertise in a pragmatic and commercial way, maintaining a professional and responsive approach throughout. They provided clear, commercially informed guidance, and took a highly structured approach to coordinating the requirements of our lender, the transaction as a whole and our development strategy. I'd like to thank Liz and the team for all their support in helping the Chartwell Group successfully complete the transaction. We really appreciated their guidance and look forward to working with them again in the future.

I cannot thank your dispute resolution team enough for all your help. Once again, it was a pleasure dealing with you and should we ever have the misfortune to have to use your services, I would be very confident making that choice.

The firm has a wealth of knowledge and experience and is able to handle all types of issues that I have presented to them. They are easy to contact, and you certainly feel looked after and that you are in capable hands.

Stephen Baker is an experienced and commercially astute litigator who is dedicated to the interests of his clients and has the ability to deal with the most demanding and difficult of clients while still retaining a cheerful and engaged demeanour.

This practice stands out not just for the quality of legal advice, but for its responsiveness, consistency, and ability to build lasting relationships.

What truly sets them apart is their commitment to collaboration and innovation. They not only provide expert legal guidance but also take the initiative to educate our members on the latest legal developments, demonstrating a proactive investment in their clients' success.

Working with the team at Herrington Carmichael makes it easy for me to do my job, knowing that I am working with a trusted and reliable partner who has taken the time to understand my business. The team are responsive and communicate clearly at all times, and I know the work will be done right, with my business interests at the forefront of their considerations.

The partner in charge, Mark Chapman, was exceptional. Our issues were unique and we had to change direction several times, but the team always responded well, bringing in the new specialist skills as needed. I think that is the standout quality; adaptability.

The advice and guidance provided to us by the corporate and commercial team at Herrington Carmichael has proved invaluable over the past few years. The team work closely together to provide a consistently high standard of work and sound legal advice. They are available when we need them, exceptionally knowledgeable and approachable. Knowing our company so well, they can provide high-quality legal advice that is suitably tailored to our commercial needs and risk appetite.

My experience of working with Cesare and his team has been a pleasure, the advice was clear, precise and commercially astute and the draft contracts etc were delivered to a very tight programme. We appreciated the attention to detail whilst always being mindful of the agreed budget.

Working with Cesare and the team at Herrington Carmichael on a recent commercial contract has been a very positive experience for us at Ecrebo. The team were professional, knowledgeable and able to pick up on specific nuances relative to our business very quickly. We are pleased with the end result and would recommend the team at HC.

Mark and the team at Herrington Carmichael guided us through a period of high complexity and ambiguity at launch. They simplified our situation, offering clear and straightforward advice, which has laid the foundation for our growth. I would recommend the team to anyone seeking advice on cross-border commerce.

We’ve had an outstanding experience working with Herrington Carmichael who have been instrumental in helping our business protect its registered trade marks. From day one, they demonstrated a clear understanding of the importance of brand protection and took a thorough, strategic, and practical approach to securing our intellectual property

Mark, Edie, and the team were excellent throughout our software company demerger. At the outset, the scope of work was not entirely clear, but they took the time to explain the legal aspects of the process and provided a clear shopping list of the documents that might be needed, together with quotes for each item. This helped us understand the importance and cost of each piece of work and decide what to prioritise and in what order. They then supported us with key documentation, including a new EULA for one of the newly created company's products and novation agreements to transfer customers and suppliers to the new entities. Their advice was clear, practical, and commercially focused throughout, and they handled the whole process with professionalism and efficiency. I would have no hesitation in recommending them.

Excellent level of service provided by Alex, Joel and the team. Our sale was not particularly straightforward, quality advice provided in a timely manner. I am not sure we could have completed our sale without them. Would highly recommend!

A big thank you to Alex and his team in particular Melissa who worked diligently and at all times looked to serve our best interests. They were constantly available to provide reassuring advice through a sometimes difficult transaction and fraught period. Despite the tight deadlines and significant workload I was delighted with their performance.

We have worked with Alex Canham and Melissa Deutrom at Herrington Carmichael on two separate acquisitions together with numerous general corporate activities. We have always found them to be highly responsive, timely and accurate. We would definitely recommend them to other financial services companies like ours.

Ed manages to combine the legal and practical aspects of a disposal with consummate ease and it certainly makes my life a lot easier knowing that he is dealing with the legals on my behalf!

Both Alex Canham and Edward Beedham provide clear advice and are very responsive which is invaluable when dealing with time pressured situations.

We were very impressed with the service provided by Herrington Carmichael. Michelle & Siddhartha were highly responsive and provided clear, professional advice throughout the process of our director's loan conversion. Their support with our company secretarial requirements was excellent, and we would highly recommend their services.

We have been with Herrington Carmichael for many years and we always receive excellent and timely advice, as well as all the practical support necessary to run our small limited management company efficiently. Charges are clear and reasonable. It’s always easy to communicate and replies are swift and helpful. Named individuals take a personal interest.

Mimosa Court Residents Company Limited

Having worked closely with Yavan and the team for several years now, this re-finance project was particularly important for Futura – allowing us to continue with our steep growth trajectory without compromising our focus on service excellence and continual improvement. In such a fast-paced environment, it is essential for us to work with key strategic partners like Herrington Carmichael, who have a deep understanding of our business, people and aspirations.

We instructed the banking team at Herrington Carmichael on a complex and difficult banking transaction with a tight turnaround. Yavan and Chris met the challenge and they helped us to understand the key sticking and contentious points with great clarity, and simplified the process for us. Chris and Yavan had a consistent focus on our end goal throughout, and worked hard to help us achieve it. It has been a real pleasure working with them, and I would not hesitate to recommend them!

Yavan and team supported us through the process ensuring we had the right level of guidance and regulatory control for every decision through this process, we felt fully supported and couldn’t have achieved the outcome without them.

We appointed Herrington Carmichael to act for us in the sale of our Chartered Financial Planning business. From the outset we were impressed with Alex and Lucinda's professionalism. This impression was backed up by helpful and knowledgeable support from them and their team throughout the sale process. All aspects of the sale discussions were dealt with carefully and efficiently resulting in a satisfactory outcome for us as sellers.

We would like to express my thanks for the work carried out by Alex, Lucinda and the entire team at Herrington Carmichael during a recent transaction.....Their clear communication, thoroughness, and proactive approach ensured the transaction was completed as smoothly and efficiently as possible. It was a pleasure working with them. They went above and beyond to safeguard our interests and provide clear guidance. We felt supported at all times, thanks to their commitment and expertise. Based on our experience, we would have no hesitation in recommending Alex, Lucinda and the entire team at Herrington Carmichael to others seeking a reliable, knowledgeable, and dedicated legal resource.

Client

First class service, with great communications all along, I liked the way the DD report came in under a traffic light style format to highlight those higher risk areas, and when the pressure was on at the very end, Beth and Chris went above and beyond to make sure this one could happen on Tuesday. We (well, Chris and Beth) got it over the line by lunchtime on Tuesday. Thank you once again, Team Herrington, for the professional, human, and reassuring approach.

Simon Arnold
Finance Director, Grundon Waste Management Ltd
The firm has a wealth of knowledge and experience and is able to handle all types of issues that I have presented to them. They are easy to contact and you certainly feel looked after and that you are in capable hands.

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Meet our experts

Dedicated professionals ready to assist you.

Yavan-Brar-PNG
Yavan Brar
Chief Executive Officer
Alex Canham PNG
Alex Canham
Managing Partner, Head of Corporate
Chris-Gemson-PNG
Chris Gemson
Partner
Joel-Gocool-PNG
Joel Gocool
Legal Director
mellisa v2
Melissa Deutrom
Legal Director
Ed Beedham PNG
Edward Beedham
Senior Solicitor
Sophie Protheroe PNG
Sophie Protheroe
Senior Solicitor
Dylan Cutifani PNG
Dylan Cutifani
Solicitor
Arnab-PNG
Arnab Ray Chaudhuri
Solicitor
Harry Winkley PNG
Harry Winkley
Solicitor
Lucinda-Cameron-PNG
Lucinda Cameron
Solicitor
Sam French PNG
Samuel French
Solicitor
Bethany-Goodhew PNG
Bethany Goodhew
Solicitor, Corporate
Matthew Roberts PNG
Matthew Roberts
Senior Apprentice Solicitor

Frequently Asked Questions

Find answers to your most pressing questions about our services and processes.

There are many ways to value a business and different industries prefer different methods. Accountants should be able to carry out a strict financial valuation for you however please note, it is worth engaging corporate finance advisors who have experience in the relevant industry to determine a valuation on the market.

Yes you can. There are many variations on the structure of a sale which can be adapted to suit each client and their needs. With an asset sale, you can select the parts of the business which you intend to sell while maintaining ownership of the remainder of the company. Another option is to go through a de-merger process by splitting the company into two and splitting the assets up in readiness for the sale of one of the companies. Please get in touch if you wish to find out more.

It’s crucial to get some legal advice early on in an M&A transaction, ideally before you even begin exploring potential targets or draft any agreements. Our team are primed to give advice on a range of matters including:

  • The legal aspects of any term sheet agreed with the other party
  • Any pre due diligence agreements i.e. non-disclosure agreements or exclusivity agreements
  • Raising or answering any due diligence questionnaires
  • Drafting and negotiating the legal documentation
  • Navigating you through the disclosure process
  • Completing the deal

No, not necessarily. There are many different types of consideration which can be used to pay for a business. The most straight forward is cash but it is unusual to have enough cash funds available to cover the value. Often there is a part payment in cash. Consideration can also be satisfied by a loan from the Seller to the Buyer which will be repaid in accordance with some terms. This could attract interest and be secured against the business. The Buyer may offer the Seller shares in its company or a connected company to satisfy the consideration. If the Seller needs to sell the business in tranches, it is possible to grant an option over the business to the Buyer for them to buy in several stages to allow the cash to be released periodically. Please get in touch if you wish to find out more.