Palmers advises Passmore Drywall & Insulation Ltd on £13.4 million sale

Palmers are pleased to announce their involvement as legal advisers in the sale of Passmore Drywall & Insulation Limited to Travis Perkins PLC for £13.4 million based on enterprise value subject to final agreement of the net asset value at completion

Mike Hunter, our corporate finance partner at our South Woodham Ferrers office led the team. He was supported by property lawyer Amy Leivers and assistant Denise Phelan. Mike dealt with all company aspects of the transactions and negotiations upon the SPA and disclosures.

Passmores have been clients of the firm for approximately 10 years.

The transaction started in mid October and contracts were exchanged on the 12th January. Unusually there was a two week period between exchange and completion to permit Travis Perkin’s systems to run alongside the existing systems to facilitate a smooth transition at completion. Both the contracting parties and their respective legal teams approached this transaction with a positive and commercial attitude thereby enabling any problems to be resolved with a minimum of delay.