HMT LLP undertook financial due diligence for Downing LLP (“Downing”) on their investment in leading retailer of pre-owned luxury goods Xupes Limited (“Xupes”).
Founded in 2009 by Frank and Joseph McKenzie, Xupes has grown from its roots as a family business to one of the leading retailers of pre-owned luxury goods, employing approximately 25 members of staff. As well as selling high-end watches, jewellery, handbags, fine arts and antiques, Xupes also offers servicing and repairs on their luxury goods.
Downing’s investment will help Xupes’ experienced management team to build their brand into the go-to online store for preowned luxury good.
HMT undertook due diligence on this transaction.
James Lewis, Investment Director at Downing commented:
“We found HMT to be an excellent DD partner, the process was efficient and flexible. In particular, the communication was clear and timely to ensure that there were no surprises nor delays. We look forward to working with them on future projects.”
Paul Read commented:
“We are delighted to have advised Downing on their investment in Xupes. With the rapid development of ecommerce and Downing’ support, Xupes is in strong position to continue its amazing growth. We wish the business every success and look forward to working with them again in the future.”