Tait Walker Assists Garden Centre With Site Acquisition
Posted On June 14, 2018 By mhauk
Our North East member firm, Tait Walker assisted with the site acquisition for a flourishing North East garden centre and helped secure their long-term future and safeguarded up to 50 jobs.
The award-winning Cowell’s Garden Centre, which was established in 1978 by Alan and Mavis Cowell, was left facing an uncertain future with the end of the business’ current tenure drawing closer and the landlord pursuing plans to develop the site for residential housing.
The search to secure a new home for the business, which is now run by co-directors Martin Cowell and Jane Keating, Alan and Mavis’ children, alongside financial controller Darren Woodmass, began in 2012 when they first sought guidance from Gordon Brown Law Firm LLP (GBLF).
Once the opportunity to purchase the site was identified by GBLF, and terms negotiated by Gerald Eve, the garden centre brought in the Tait Walker team to support GBLF on the deal. With Gordon Brown leading on the legal due diligence, legal deal structuring and documentation, Tait Walker’s Associate Partner Paul Shields provided strategic advice and brought in a team of transaction experts led by Chris McCourt and Claire Smailes. They introduced the opportunity to HSBC Bank plc and provided all commercial and specialist tax input into negotiating the purchase agreement.
Martin Cowell said:
“Following a long period of uncertainty for the business, we can now call Woolsington our permanent home. We are extremely grateful to our team of trusted advisors at GBLF, Tait Walker and HSBC who all worked seamlessly as a team to help us navigate what was a complicated process. Working in such a collaborative way was integral to ensuring we were able to acquire the site. We are also very thankful to our dedicated team, which has remained loyal to us, as well as the local community who have supported us over the years.
We are delighted to have been able to safeguard the future of the business and our employees’ livelihoods as we celebrate four great decades, and we look ahead to the next 40 years, and beyond.
Securing the site forms a key part of our strategic growth plan which will allow the business to thrive, as we further expand our range of plants and nursery products over the next three to five years, whilst creating new jobs.”
The successful family business, which produces over 60,000 plants per year, has bloomed from its humble beginnings of selling plants and fertilizer in a Kenton Bank Foot post office to being housed in the nine-acre Woolsington site, with three generations of the Cowell family helping the business to grow.
Paul Shields, Tait Walker Associate Partner, said:
“Having worked with the Cowell family for many years providing business and financial advice, we were pleased to be able to support with the acquisition of the company’s Woolsington site. Although it was a complex transaction, by working so closely with the team at Cowells, GBLF and HSBC at every stage of the process, we were able to deliver the best deal possible for the business.
This deal gives Cowell’s Garden Centre the peace of mind and flexibility needed to grow the company and bring more jobs to the area, had they not been able to secure the site, they wouldn’t have been in a position to do so. We wish the business a successful future as it invests in its premises.”
Cowell’s Garden Centre has built up an excellent reputation for offering one of the biggest selection of plants and garden accessories in the North East of England. Its hanging baskets have won gold medals at events such as the Chelsea Flower Show and the business has been awarded the prestigious Garden Centre of the Year Award by the Garden Centre Association, as well as the Ruxley Rose Award for best plant area.
For more information about this deal, please click here.