Corporate finance team leads on cash and carry deal

The corporate finance team of PKF Smith Cooper has advised Midlands-based Hyperama plc on the sale of its cash and carry division to London-based Dhamecha Group.

Hyperama 's Nottingham and West Bromwich depots will bolster Dhamecha 's presence in the Midlands, boosting the number of its cash and carry branches to 12 post completion.

This sale comes in short order of Hyperama plc 's divestment of its Peterborough cash and carry to Holland Bazaar Ltd.

This sale required a carve out and 'hive down ' of Hyperama 's remaining cash and carry divisions into a special purpose vehicle containing the trade, assets and business operations to be acquired by Dhamecha Group.

This raised a number of commercial and transactional challenges that were navigated with specialist assistance from the PKF SC corporate finance team.

For example, Hyperama 's Nottingham cash and carry operates from the company HQ, which also houses sister company JK Foods and the buildings needed to be segregated.

PKF SC 's multi-disciplinary team advised on the commercial and tax structuring of the transaction, advised on and sought solutions to the various transaction complexities and successfully managed all key stakeholders through to an exceptionally tight completion deadline.

“I am delighted to announce the sale of these two depots to Dhamecha Group, ” said Marcus Singh, managing director of Hyperama,

“I could not have wished for a better business to acquire the sites and take the business forward.

“Dhamecha is a fantastic operator and has successfully expanded already into the Midlands and I know I am leaving my employees, customers and suppliers in good hands. ”

Tom Joy, senior corporate finance manager at PKF Smith Cooper, said: “It has been a pleasure to support Hyperama in the sale of its cash and carry divisions to both Dhamecha and Holland Bazaar.

“It is great to see the respective divisions find the right home, with both acquirers keen to continue to invest and develop their business in the Midlands. ”

The partner-led team advising Hyperama was led by Darren Hodson (pictured), Tom Joy and Josh Gurton, and included support from PKF SC Tax Advisory Partner Gary Devonshire. Legal advice was provided by Adam McGiveron and Emma Bryant of Penningtons Manches Cooper.