Michelmores has advised the selling shareholders on the sale of G L Hearn, a market-leading UK property consultancy business, to Capita, the UK’s leading business process management and outsourcing solutions provider. The deal includes a cash consideration of £25m on a cash free, debt free basis, plus a deferred consideration of £5m.
GL Hearn provides advice to land owners, developers, house builders, investors, retailers and the public sector. Its client list includes some of the UK’s largest retailers and developers, as well as a number of other blue chip companies.
The Michelmores team was led by Corporate Partner Samantha Billingham with support from Corporate Associate Sundip Biswas.
Equiteq (Paul Collins and Dan Bowtell) provided corporate finance advice to G L Hearn and its shareholders.