We are delighted to have acted in the deal that saw Safespaces (Cornholme) Limited be acquired by Euston Ventures. Prompted by the decision to retire, the directors Jill Morony and Sue King achieved a full share sale of the business for an undisclosed amount.
Headquartered in Todmorden and established in 2001, Safespaces works with families and healthcare professionals to design, manufacture and supply custom designed safe rooms and high-sided beds for individuals with complex needs including those with learning disabilities, autism, epilepsy and challenging behaviours. Safespaces’ products are used in family homes, schools, hospitals, respite centres and for travel. The firm, which employs a team of 33 people, also offers bespoke rental and cleaning services.
Euston Ventures is an investment company that has acquired a range of specialist B2B companies, predominantly in the manufacturing, engineering and industrial products markets. Euston was attracted to Safespaces due to the critical role its products play in changing the lives of the young people and their carers. Euston admired the professionalism and integrity of the Safespaces team and was impressed by the strong relationships the company has built up with healthcare practitioners across the UK and globally.
Ryan Bilsborough, corporate finance manager at PM+M, engaged in a proactive and targeted marketing process which maintained confidentiality, as well as handling a full negotiation process with multiple interested parties; Jane Parry, head of tax at PM+M, provided full tax support including post-sale; whilst client service partner Nigel Wright delivered accountancy, tax and due diligence support services, having looked after Safespaces since 2009.
Other advisers included Rebecca McCann and Jaime Penaluna from Forbes who advised Safespaces on the legal aspects of the transaction. Ensors advised Euston Ventures on due diligence matters and Ashtons Legal acted as their solicitors.
Ryan Bilsborough commented: “We generated significant buyer interest in Safespaces which resulted in multiple attractive offers – we had initial contact with the successful bidder, Euston Ventures, within two days of exercising our targeted marketing campaign, subsequently accepting their offer within eight weeks of commencing the sales process.
“It has been fantastic to see PM+M’s multiple service lines work together to facilitate this sale – from accountancy and compliance work, corporate finance, through to specialist tax, and financial planning advice. I am delighted to have helped Jill and Sue in the sale of their business and wish them both a well-deserved retirement.”
Jill Morony commented: “Safespaces has been a very important part of my life. We set the business up from scratch and have achieved so much since its inception. I am so proud of what we have accomplished and of the amazing team who are so hard-working and passionate about the work that we do. It is for that reason that it has been an incredibly hard decision to pass the baton on.”
Sue King continued: “We have entrusted Max Silver and Euston Ventures with the next stage of the Safespaces’ journey, I am sure they will continue to provide the high-quality product Safespaces is renowned for and take very good care of our fantastic team.
“The support from Ryan and the wider PM+M team throughout the sale process has been invaluable, and we are very grateful to them. We were very impressed by the sensitivity, care and respect with which Ryan supported us through the process of the sale. He enabled us to make informed decisions throughout the process. The support he provided is second to none.”
Rebecca McCann, a Senior Associate at Forbes commented: “It has been a pleasure working with Jill and Sue and supporting them on this transaction. We wish everyone involved all the best for the future.”