Surrey-based removals business Bishop's Move has been sold to UK trade buyer AGM Group in a pre-pack deal.
Accountancy firm Menzies LLP, led by corporate finance director Kevin Paget and corporate restructuring partner Simon Underwood, were engaged by Bishop's Move to project manage the sale of the business for an undisclosed sum.
Bishop's Move said that despite the Covid-19 pandemic and the decimated removals market, several parties were interested in acquiring the family-owned business which was established in 1854.
Joint administrators Emma Thompson, Adam Stephens and Finbarr O’Connell at Smith & Williamson were appointed to complete the sale of the business as a going concern.
It is believed that the deal will secure a sustainable future for the business whilst protecting more than 190 jobs across the UK.
Andrew Walker, partner, Irwin Mitchell headed up the legal team advising the seller; asset valuations were provided by Hilco; property related issues were handled by Peter Fenwick and Co. and the pension stakeholders were supported by Open Trustees, led by Jonathan Hazlett.
Kevin Paget, corporate finance director at Bishop's Move, said: “I’m delighted to have worked with the Bishop family and other company directors in securing the future of the business whilst achieving what could be considered a fair valuation in normal market conditions, let alone in the current economic climate. AGM is a great fit for the business and their pragmatism and approach to the process helped enormously."
Al Bingle, COO at Bishop's Move, said: “We are looking forward to working with AGM Group and our new colleagues to continue to provide our clients with the same quality service they have come to expect of us during the long-term relationships we have forged with them over the years. On behalf of all at Bishop's, I would like to extend our thanks to Kevin Paget, Simon Underwood and the Menzies team who were instrumental in helping us negotiate a deal with AGM and provided invaluable support throughout the process.”
