Logistics company founder buys back business
A West Midlands entrepreneur has taken back control of the international logistics firm he founded in 2012, with help from Thursfields Solicitors and Accountants and Business Advisors HB&O.
Peter Ackrill, a 20% shareholder in Logik Logistics International Ltd based at Birmingham International Park, Solihull, has acquired the 80% shareholding held by Chapman Freeborn International Ltd for an undisclosed sum.
The deal was negotiated by Greg Philp, Corporate Finance Director at HB&O in Warwickshire and legal advice was provided by the corporate team at Thursfields Solicitors, led by corporate director Tim Edwards supported by Reece De-Vaney.
From agreeing heads of terms, the deal moved quickly and was completed within a month.
Peter Ackrill said: “Thanks to the commercial sense and keen understanding of the business by Greg Philp at HB&O and Tim Edwards at Thursfields, we were able to progress this transaction quickly, and to the satisfaction of all parties.
“Tim Edwards has been my corporate lawyer for the better part of 15 years and I appreciate his calm approach and wise guidance.”
Tim Edwards, corporate director at Thursfields Solicitors, said: “I have acted for Peter Ackrill for many years, and we are delighted to have assisted him with the buyout. All parties worked extremely hard to get the deal done in a short timeframe.
“I have worked with Greg Philp at HB&O for around ten years and this marks the latest in a long line of transactions we have worked on together.
“I am confident that Peter Ackrill will continue to grow and develop the business going forward and look forward to supporting him along the way.”
Greg Philp of HB&O said: “It was fantastic being able to support Peter with the purchase of Logik. I know the business means a great deal to him, personally, which has made the experience all the more rewarding.
“It is testament to the strength of the company, and Peter’s hard work and determination, that we were able to complete the deal in difficult circumstances.
“I am grateful to Tim for asking me to assist him with this transaction. He and I have known each other for a long time and his pragmatic approach always makes the process enjoyable to work on”
Logik Logistics International currently has 17 employees but Mr Ackrill envisages this growing over the coming years.
The business provides freight forwarding for time-critical deliveries to the automotive and other manufacturing sectors.
Duncan McDonald from Taylor Wessing LLP acted for Chapman Freeborn International Ltd.
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For further information, please contact:
Dani James, Business Development Manager, Thursfields Solicitors
Tel: 01905 677066
Katherine Williams, Marketing Team, HB&O Accountants & Business Advisors
Tel: 01926 422292
Steve Dyson at ASAP PR – 01789 490786.
Twitter – @Thursfields
LinkedIn – www.linkedin.com/company/thursfields
Twitter – @hboltd
Notes to Editors
Thursfields Solicitors is one of the region’s longest established and reputable law firms, with more than 150 staff in six offices across Worcestershire and the West Midlands. Thursfields Solicitors provides a full range of legal services to business and the private individual, including property, family, employment and commercial law as well as probate and litigation. The firm has offices in Worcester, Kidderminster, Halesowen, Sedgley, Solihull and Birmingham
Harrison Beale & Owen is a Midlands-based firm of Chartered Accountants and Business Advisors. With offices in both Leamington Spa and Coventry, the company provides accountancy, business and personal finance advice to clients across Coventry and Warwickshire and beyond.
HB&O is a member of DFK International – one of the world’s leading associations of independent accounting firms and business advisors – and is able to support clients throughout the UK and overseas. HB&O is a member of the Institute of Chartered Accountants in England and Wales (ICAEW).