Deloitte & Touche advised on the recent deal which put Cannons health clubs back into private hands. Royal Bank Private Equity has backed Health Club Acquisitions Ltd’s purchase of Cannons, a deal which valued the health club group at #260m with a further #100m of debt finance available.
Advisers to the deal said they believed taking Cannons private would allow the company to pursue its growth strategy which is set to include the investment of #150m in the UK and continental Europe over the next few years.
Deloittes carried out transaction services work for RBPE. Pictured are Cannons group chief executive, Harm Tegelaars and Royal Bank private equity director Simon Peckham.
Cannons’ website is www.cannons.co.uk
Private equity funds outperformed the FTSE-100 and FTSE All-share indices last year and for the previous ten years, according to the British Venture Capital Association.
The figures, compiled by PricewaterhouseCoopers, found that investors saw a net return of 25.6 per cent last year, beating the FTSE 100’s – 8.2% and the All-share index’s – 5.9%.
The turmoil in the stock markets last year affected the FTSE indices’ performance, but the BVCA survey showed the private equity funds had outperformed them over the past decade as well.
Full details of the survey can be found at www.bvca.co.uk
M&A boutique Livingstone Guarantee has launched what it claims to be the UK’s first online ‘chat room’ dedicated to company mergers and acquisitions. The chat room will allow buyers and sellers to access practical corporate finance advice, share experiences and take the first steps towards a deal.
The site can be seen at ww.dealarena.co.uk.
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union