Case Study: Phoenix Relocation
- Company Sales & Acquisitions
Meridian advised leading independent relocation management company HCR Limited (“HCR”) on the acquisition of the trading assets of Phoenix Relocation Services Limited (“Phoenix”) out of Administration.
Based in Basingstoke, HCR are the UK’s largest independent relocation specialist and a leading provider of rental accommodation for professionals and their families – UK and Worldwide and have been in the relocation business for more than 30 years.
Phoenix who were also based in Basingstoke were HCR’s main competitor being a leading independent relocation specialist themselves before they slipped into administration a few weeks ago. The collapse was brought to the attention of HCR’s director Andrew Finney by Meridian who then quickly mobilised the resources to enable such a swift transaction.
The Phoenix collapse has already contributed to a large number of staff redundancies and could have gone on to cause major problems for it’s existing clients had HCR not stepped in. HCR has re-employed the ex Phoenix service delivery team which, with the blend of the HCR specialist teams, will not only provide continuity in service and substantial improvement in management, but will also provide an unbeatable combination of successful management that will benefit existing and new clients alike.
Michael Barcia, Director of Meridian led his team throughout the deal process. Meridian have been working with HCR for 10 years, originally advising Director Andrew Finney on their acquisition from Countrywide Assured Group in 2000, to moving on to advising the operational shareholders and management on their secondary buy-out in 2006.
Andrew Finney, Director for HCR comments, “All too often corporate finance advice tends to be based around one off transactions. Our experience of Meridian proves that longer term relationships pay real dividends. When speed counts you need a team you know and who know your business."
Michael Barcia, Director comments; “Having heard about the process and the business being in administration time was of the essence. We faced stiff competition from other interested parties and had to get to grips with some complex technical issues in a short time frame. The process was undoubtedly assisted by our knowledge of the way in which the business works, due to the strong established relationship we have built with HCR. This is a fantastic result for HCR and further strengthens their dominant status within the relocation market place."