PracticeAuditHaysmacintyre valuation claim goes to court

Haysmacintyre valuation claim goes to court

Haysmacintyre to go to court over valuation claim by client in the corporate catering industry

Haysmacintyre is
preparing to fight a High Court damages claim for more than £200,000 after being
accused of professional negligence over the valuation of a client in the
corporate catering industry.

The legal battle centres on advice that the top 40 firm gave in 2002 to Jayne
Billam, a former joint managing director at Artizian Catering Services, when
valuing the shares of the caterer, whose clients include Hitachi Data Systems UK
and HFC Bank.

Billam, who left the company in 2002, claims London-based Haysmacintyre
negligently valued the company at £375,000 when it was actually worth £1,125,000
­ well beyond any reasonable margin of error.

Billam, says that she sold her shares for £75,000 when their true value was
£245,000 and lost the chance of selling to the remaining shareholders or an
external buyer.

Haysmacintyre also failed to reflect its own valuation of Artizian shares of
£1.19m less than a year before, the writ adds.

Haysmacintyre, which earnt revenues of £15.8m in 2007, said: ‘A former client
has issued a claim against us in respect of a business valuation carried out in
2003. On advice from our solicitors and counsel we are defending our position
vigorously and will continue to do so.’

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