LONDON, October 18, 2010 /PRNewswire/ --
- Pall Mall's Second Deal with Serviced Office Group in Under 12 Months
Pall Mall, the cross border corporate finance advisor is pleased to announce that it has successfully raised GBP 1 million for Serviced Office Group Plc (SOG), the provider of flexible office space, by way of a subscription of new ordinary shares at 3p. It coincides with the completion of SOG's acquisition of Bourne Financial Limited, a provider of office space and associated specialist services for financial services firms introduced by Pall Mall.
This marks the second deal Pall Mall has advised on with SOG within the last 12 months after raising just under GBP 900,000 in December 2009 from Andrew Bourne, who has now folded his company into SOG as well. This is a reflection of Pall Mall's senior led, long term relationship driven approach to its clients, assisting them throughout their life cycle with various corporate finance transactions such as capital raisings and M&A.
The investor in the GBP1million transaction is Westchester Capital Ltd, the Finance and corporate services firm focused on property opportunities in the UK. The transaction was led by Pall Mall's Senior Advisor Gerald Raingold and included Richard Speak, an Executive Director and Thomas Brunner, Analyst.
Pall Mall Capital is also very pleased to have introduced Bourne Financial Management, an acquisition that is expected to complete in January 2011, for a total consideration of GBP 1.2 million. The acquisition will add a further 350 work stations to the portfolio of SOG and its subsidiaries and increase the total number of workstations to 4,142. It adds to the Group's specialist knowledge of the IT and communication requirements for financial institutions including investment banks and fund administrators.
Michael Kingshott, CEO of Serviced Office Group plc commented:
"We are very pleased to have raised this finance and completed the exciting acquisition of Bourne Financial, both of which will help take the business to its next stage. Once again very grateful to Pall Mall Capital for the important part they played in ensuring all elements of both transactions were completed successfully"
Gerald Raingold, Senior Advisor at Pall Mall Capital commented:
"We are delighted assisting Serviced Office Group in raising the finance as it will enable them to continue its strategy of building a group wholly focused on addressing the needs of an ever evolving business community. The investment by Westchester Capital underpins the strong footprint of Serviced Office Group in their field and the growth path of the company. The acquisition of Bourne Financial is clear evidence that Serviced Office Group is making real progress on that path."
Notes to Editors
Pall Mall Capital is a cross border corporate finance advisor specialising in delivering solutions in international transactions and complex or disputed family situations. Headquartered in London, the Company has offices and associates in France, Germany, South Africa and the USA. Pall Mall has established itself as a leading specialist in advising on mergers, acquisitions and capital raising for European mid market companies, particularly those with disperse family ownership.
Pall Mall's broad ranging advisory services include all aspects of M&A, public and private placements as well as corporate structuring and restructuring situations. Additionally Pall Mall offers services to source finance from all arenas of the capital markets, including senior debt and subordinated products such as mezzanine finance through to equity finance.
Pall Mall Capital has advised on a wide range of transaction types, with values from EUR 50m to EUR 500m, and has completed in excess of 80 transactions since 2000, the majority of which have been cross border.
For further information http://www.pallmallcapital.com For Further Enquiries Pall Mall Capital Gerald Raingold, Senior Advisor / Richard Speak, Director, Tel +44-(0)20-7518-7300 Email: firstname.lastname@example.org / email@example.com Hudson Sandler Charlie Jack / Mark Gee Tel +44-(0)-207-7796-4133 Email: firstname.lastname@example.org / email@example.com
SOURCE Pall Mall Capital