Gordons advises the Royal Bank of Scotland on Fleet Support Operations MBO
Wednesday 9th September 2009
Yorkshire law firm Gordons has advised The Royal Bank of Scotland (RBS) on its provision of funding for the Management Buy-Out (MBO) of Fleet Support Operations (FSO), a commercial vehicle assistance company based in Barnsley.
Gordons provided legal advice to RBS on the funding provided to the acquirer of FSO. In particular he advised RBS on inter-creditor arrangements as well as advising on the terms of the acquisition documents.
The deal sees 100 per cent of the equity sold by former owners to a new management team consisting of its business development director, Sharon Dawson, and its operations director, Andrea Gray.
Andy Bissett, Business Development Manager, RBS said: “It is imperative in the current climate that we receive a high level of accurate legal counsel so that we continue to support regional businesses. Gordons provided excellent straightforward advice and support throughout the course of this deal and we are pleased to have provided the funding to facilitate this MBO.”
The business, which has 30 staff and a turnover of £7m, derived from a local breakdown and recovery company called Highway Recovery which was established in 1968. FSO was set up in 1995 and has grown to offer nationwide and European commercial vehicle breakdown, recovery and roadside assistance to blue chip commercial haulage fleet firms.