Purdy good going as Birketts advises utilities firm on £8m sale
East of England law firm Birketts has advised the owner of Essex-based Purdy Holdings on the sale of the company to AIM-listed Bilby Plc for £8.07 million.
The consideration comprises £6.57m in cash, £1m in Bilby Plc shares and a £0.5m secured convertible loan note.
Established in 1984 as a gas and electrical maintenance and installation contractor, today Purdy carries out all types of gas and electrical work to both commercial and domestic markets, predominantly focused on social housing and local authority customers.
Birketts advised on all legal matters where Nick Burnett and Adam Jones (pictured above) led the award-winning corporate team. Assistance on the deal was provided on a range of legal services – corporate, employment and property – by Richard Pooley, Alex Forwood, Laura Jackson and Matthew Grindley.
John Horlock, owner and chairman of Purdy, said: “This transaction marks a new chapter in the history of the Purdy business. I am confident that being part of Bilby will enable us to accelerate the strong progress we have made over the last few years.
“The team at Birketts was highly responsive and frequently demonstrated their commitment to high standards of client care. They maintained the momentum even in my absence when I was not contactable, and the team were seamless in their management of the transaction from start to finish.”
Adam Jones, corporate partner at Birketts, added: “We are delighted to have helped a very successful entrepreneurial seller achieve his exit to a prominent operator in the sector.
“As the only top 100 law firm in Essex, it is particularly pleasing to work with a significant Essex-based business on its sale to a City-based purchaser, again demonstrating our expertise at dealing with complex transactions of all types.”