Menzies Corporate Finance has assisted in the shareholder buy-out of a leading design-led glass giftware company, Spaceform.

Spaceform has become a leading name in the design-led gift market since being founded in 1994. The company designs and develops highly sought after contemporary glass gifts, selling and distributing the products worldwide.

The Menzies team was led by Jeremy Rayment and Ross Wiggins, with specialist tax advice provided by Nick Farmer.

Menzies reviewed and advised on Spaceform’s business plan and investment proposal and helped not only on the structuring and source of finance, but critically the terms of sale from the departing shareholder on behalf of the management team. Tax advice was provided on vendor warranties for the purchasers’ protection on acquiring their shareholding.

Christina Greenhalgh, co-founder of Spaceform and leading the buy-out said: “I was in a 50:50 shareholding that needed to resolve a need for separation and I needed an approach that was sensitive to a small owner-managed business. Menzies was very clear on being able to support and deliver whatever I needed in terms of approach. I needed support on how to raise funds through the business and in negotiating for purchase, which I knew would be an extremely emotional ride for all involved. I needed to be able to rely on the voice of reason to act fairly for myself and those that I would potentially support through my business. I also wanted to be fair to my potential exiting shareholder and strike an acceptable balance.”
 
“Jeremy and his team were able to show sensitivity to me as an owner manager, to guide and connect me to the right people for specialist legal support throughout the deal, and took the sting away from what could have been unbearable. As a result of this support, approach and professionalism, I decided to stay with Menzies to help me move forward through the positive stages of change that small developing businesses need in terms of accounting, logistical and commercial insight."

Jeremy Rayment said: “Whilst not the smoothest buy-out process, Christina and the team around her richly deserve the opportunity to progress and deliver the potential that the Spaceform business promises.  It’s an opportune time for Christina and her team, as even though the economic climate is still a challenging one, we feel the business is now well placed to achieve its exciting growth and development plans as the economy begins to recover and we welcome continued involvement with the team.”

“Despite the challenging times, the services provided by Menzies throughout this transaction and the ongoing support of Spaceform demonstrates that there are indeed opportunities for businesses to push ahead with development and growth plans. At Menzies, we are well placed to work in tandem with like-minded businesses to achieve their strategic aims.”

“The buy-out will enable Spaceform to implement their market leading business development strategy, including dynamic plans for enhancing its product lines, customer base and geographic coverage.”

Legal advisors to Spaceform were led by Howell Jones, assisted in part by Osborne Clarke.

Speaking on the transaction, Simon Carter from Howell Jones said, “the Spaceform buy-out raised some unusual challenges for Christina and her team, but working with Jeremy and his team from Menzies worked exceptionally well in creating a path that ultimately delivered a good and valued result for our client.”       

Vendors advisers were Vantis and Lennon and Co.

The terms of the transaction are undisclosed.