HMT advised the shareholders of Keith Prowse Limited (“Keith Prowse”) on the sale to Compass Group plc for £20 million.
Keith Prowse is one of the UK’s leading providers of corporate hospitality entertainment and it has exclusive contracts at prestigious events including St Andrew’s, Wimbledon, Cheltenham and Lords.
Following the acquisition, Compass will incorporate its existing hospitality businesses under the umbrella of Keith Prowse, which Peter Selby and AK Than will be retained to run. This enlarged hospitality division will be the dominant force in the UK corporate hospitality market.
Led by partner Andrew Thomson, HMT negotiated the transaction on behalf of the shareholders.
Andrew Thomson of HMT commented:
“Having advised on the original management buyout in 2002, I was pleased to advise the shareholders on the sale to Compass. This transaction represents an excellent return for them, whilst this strategic acquisition for Compass should prove to be an exciting addition to the group.”