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Deal Alert: Historic removals business is sold to prominent UK trade buyer

Home- Insights- News- Deal Alert: Historic removals business is sold to prominent UK trade buyer

Our Corporate Finance team have advised Bishops Move on the sale of their business for an undisclosed sum to prominent UK trade buyer, AGM Group Ltd.

Bishops Move, a £16 million turnover family-owned removals business, with a 166 year old history, had grown to become one of the UK’s leading national, international and commercial removals firms and counted UK prime ministers and an Archbishop of Canterbury as past customers.

Even in the midst of the COVID-19 pandemic and the decimated removals market, there were various parties interested in acquiring this well established business. The completion saw the business being sold as a going concern through a pre-packaged sale. This deal not only protected more than 190 jobs throughout the UK but also helps to ensure a sustainable future for the business as it moves into its next chapter.

Joint administrators, Emma Thompson, Adam Stephens and Finbarr O’Connell, at Smith & Williamson were appointed and a pre-pack sale of the business to AGM Group Ltd was completed.

Andrew Walker, Partner, Irwin Mitchell headed up the legal team advising the seller; asset valuations were provided by Hilco; property related issues were handled by Peter Fenwick and Co. and the pension stakeholders were supported by Open Trustees Ltd, led by Jonathan Hazlett.

Al Bingle, COO at Bishops Move commented:
“We are looking forward to working with AGM Group and our new colleagues to continue to provide our clients with the same quality service they have come to expect of us during the long term relationships we have forged with them over the years. On behalf of all at Bishops, I would like to extend our thanks to Kevin Paget, Simon Underwood and the Menzies team who were instrumental in helping us negotiate a deal with AGM and provided invaluable support throughout the process.”

For further information, please contact Kevin Paget directly:

Kevin Paget, Corporate Finance Director at Menzies, commented:
“I’m delighted to have worked with the Bishop family and other company directors in securing the future of the business whilst achieving what could be considered a fair valuation in normal market conditions, let alone in the current economic climate. AGM is a great fit for the business and their pragmatism and approach to the process helped enormously.”

About Menzies Corporate Finance
Our award-winning team take a quality driven, proactive and personal approach to advising transactions. Our corporate finance team will provide you with director-level advice and support, while working alongside other Menzies employees from the wide ranging skill set available within the firm, to ensure that the advice we give encompasses all your needs.

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Kevin Paget - FCMA CGMA

Director

Kevin Paget is a Corporate Finance Director, member of the Corporate Finance advisory services team and specialises in corporations, SMEs and start-ups.