Dains provides due diligence services on McCarthy Marland’s acquisition of Hughes and Salvidge Ltd
Bristol-based McCarthy Marland, an independent waste management company, has agreed a multi-million-pound deal to acquire Hughes and Salvidge Holdings Ltd, which owns Aasvogel Skip Hire Ltd and Valley Trading Ltd.
The acquisition more than doubles McCarthy Marland’s turnover, taking it beyond £18 million. It will also enable the company to increase the volume of waste it handles as well as supporting its sustainability aims to increase recycling capacity.
The purchase of Aasvogel Skip Hire Ltd and Valley Trading Ltd, based in Wantage in Oxfordshire and Tetbury in Gloucestershire respectively, will further expand McCarthy Marland’s geographical reach across the M4 and M5 corridors.
It brings the number of employees working for the company up to 130, a rise of more than 60 per cent. The leadership teams of both the acquired firms will remain in place.
Roy Farmer, Rob Wilson, and Kam Atwal undertook financial due diligence on Hughes and Salvidge Holdings Ltd, owner of Aasvogel Skip Hire Ltd and Valley Trading Ltd.
Our work included a review of the historic financial performance, compliance with FRS102, as well as a quality of earnings review, cashflow review, forecast review, normalised working capital, and surplus cash/net debt calculations for Hughes and Salvidge.
We also reviewed the same scope of work on McCarthy Marland Limited and the overall group forecasts.
What we said
Rob Wilson, Corporate Finance Director at Dains Accountants, said: “It was a pleasure to work with Shawbrook, Alex Marland and the team at McCarthy Marland, and we were delighted to support them with this acquisition. We have established a strong working relationship and understanding of the industry within which McCarthy Marland operates, and we look forward to working on further acquisitions in the future.”