Sale success for Ryeford Cleaning Services Ltd | Randall & Payne Accountants and Business Advisors Cheltenham
Category: Corporate Finance

Sale success for Ryeford Cleaning Services

Having been longstanding clients of Little & Co, which we successfully acquired in 2020, we were approached by business owner Doug Salmon and Managing Director John Clements for corporate finance support and advice on their plan to exit. Having a clear understanding of their aspirations thereafter, the sale process formally commenced in April 2022 and, in just four months, was completed with the sale of ‘Ryefords’ to Atlas Facilities Management.

Established in 1988 and incorporated in 2003 by Doug Salmon, Ryefords began as a ‘one-man band’ providing cleaning services to a handful of commercial clients. The company grew rapidly and quickly gained an unwavering reputation within the marketplace which can be attributed to the steadfast focus on customer and team relationships, as well as the continual assessment of service provision.

As the company grew Doug was conscious that in order to continue growing the business to its full potential he needed to integrate logical systems and streamline processes. This led to the employment of John Clements as Managing Director who was able to draw on his experience in the banking sector, allowing him to review the business more objectively and to implement key changes within the business. Throughout his role, John has worked closely with the team, customers and, of course, Doug to present the business as it is today.

Making a decision to sell a business is never easy, especially when there are the emotional ties of starting the business from scratch. It was important to both Doug and John that the friendly and approachable culture which has been at the heart of the business was protected allowing the Ryefords legacy to continue to thrive.

Preparation + Collaboration + Energy = Success!

At Randall & Payne, we firmly believe that preparation, collaboration and energy are the components of a successful transaction. Preparation allows a smoother, speedier transaction process whilst also reducing any vendor anxiety. When Doug and John first approached us regarding the sale of Ryefords, we explained that our role (and what we do best) is to provide the buyer with relevant and timely information, to provide a sole point of contact and to troubleshoot any issues in order to provide transaction momentum. From the initial sale preparation and identification of potential purchasers, to reviewing completion agreements, our objective is to keep the deal running smoothly and work collaboratively with all parties to ensure the sale objective is met.

Having received multiple offers from interested parties, Doug and John where able to recognise Atlas Facilities Management as the buyer who would continue the Ryefords legacy and be the best fit for the company. Nick Earley, co-owner of Atlas Facilities Management met with Doug, John and ourselves at the earliest opportunity, following receipt of the Information Memorandum (IM).

Nick Earley remarked “The IM brought the business alive, along with providing all the critical information I needed to make a thorough assessment of the opportunity. The document provided me with confidence early on in the transaction process”.

When it was agreed by all parties that we should aim to complete the transaction within a month of the initial meeting, there was confidence between both parties that this was a reasonable expectation that could be met.

By using a carefully structured, organised approach, we were able to provide Nick with all the documentation required in the pre-prepared data room which not only assisted in deal speed, it also provided Nick strong levels of confidence in Doug, John and of course Ryefords as a business.

Upon completion we were truly delighted for both parties that the suggested timescales were met without any delay and provided both parties with their respective versions of success. Following completion John Clements remarked “The process that Randall & Payne implemented was exemplary. We were provided with many more offers than we had anticipated and we completed in record time. Doug and I put this down to the quality of the team and their ability to work to deliver a common result”.

Ollie Newbold with John Clements | Ryeford Cleaning Services sale success | Randall & Payne