Shorts think about the individual company and consequences for different areas. All of the team knows our business inside-out.
B.N. Gibson Ambulance Services
Shorts and the B.N. Gibson Group have a long history of collaboration, including a historical reorganisation and demerger, disposal of a funeral business to a trade buyer, transferral of properties into pensions, assistance with tax compliance and returns, and remuneration planning.
Most recently, the Shorts Corporate Finance team acted as lead advisors for the sale of B.N. Gibson Limited, including drawing up heads of terms, negotiation with the buyer on key terms, assisting with due diligence, and project management through to completion of the transaction.
In this case study, the shareholders told us about their experience with Shorts.
How were you introduced to Shorts?
We were trying to buy 49% of the company’s shares, and we were recommended Shorts by our present accountant. We subsequently moved away from them and moved to Shorts fully. There has been a lot of change since then, and we were so impressed with how Shorts dealt with everything. Shorts have specialists in each field, and that was the way we wanted to go with our 3–5-year plan.
How did the team react to the sale?
It was a long-term plan. It has ended up being the right thing morally, to have not just jumped ship. We thought there would be issues, but everyone has been quite positive about it. We weren’t leaving them in a lurch. They said how we’ve been doing this for a long time now, and that they weren’t surprised.
How would you describe the support Shorts provided?
We understood the process a bit more second time round. It made more sense, but it was a different response to it going to market and with a different set of complications with COVID.
This time it was more complicated, and we knew that we needed a lot of support. I don’t think we could have done it without the demerger, which Shorts advised us on.
How would you describe the benefits of a management buy-in?
It was a good fit for us, and we think it’s going to ensure the business can still be run in the same way, and not just be taken over by somebody who may have just made it very uniform and corporate. You can keep it as more of a family business rather than corporate. Everyone seems comfortable with it.
What advice would you give to other business owners?
We wouldn’t have known where to begin, and you don’t know the implications of what you are thinking, and that still continues now. What may seem like basic decision making to use always comes with extra complexities that we don’t understand.
Most people thinking of selling will need the sort of professional advice that Shorts give. Because what you think is the right thing could be damaging in the long run if not done right. Even if we got the same value on sale, we’d end up losing money on these complications.
Shorts also introduced you to Xero – how have you found this?
Shorts are used to dealing with multiple companies and have seen a lot more of the variants that are there. We could Google solutions, and there are others that might seem like an obvious platform to choose. We used to use Sage, and we found it quite dated compared to Xero, which is amazing. It has made everything so much quicker and easier. It was only from the advice of Shorts that we discovered this.
What three words would you use to describe Shorts?
Supportive. Comfortable. Approachable.
It always feels genuine, and we feel very supported. It feels more informal, which we like. You think about the individual company and consequences in different areas. All of you know our business inside-out.
About B.N. Gibson
B.N. Gibson is one of the longest established private ambulance services in the UK, with over 30 years of experience delivering the highest standards in reactive service, dignity and care. Operating around Nottinghamshire, their ambulances are fully serviced and maintained for maximum dependability, reliability and confidence.
