We are delighted to have advised Gladman Developments on their sale to Barratt Developments.
We provided vendor due diligence to in relation to the disposal of the whole of Gladman Developments' issued share capital to Barratt Developments.
The vendor due diligence (VDD) team supported the shareholders of Gladman by undertaking a thorough but balanced diligence process. Initially working alongside Savills, who were advising the shareholders, the team provided excellent insight into likely areas of focus from the prospective pool of investors. The team leveraged not only their experience of working with private equity investors but also their experience of large housebuilders. This enabled the VDD report to ‘talk’ to both types of audience members, ensuring that the major areas of deal value specific to Gladman were expertly addressed.
Once Barratt gained exclusivity, the original deal timetable was accelerated considerably, to meet the LSE reporting requirements of the plc. This required a redoubling of effort from both the financial and tax teams, particularly as Barratt’s own external advisers were brought in to add additional scrutiny to our work. That the deal completed in line with the accelerated timetable is testament to the work performed by our teams, both upfront and post-exclusivity.
