FSP advises Whistl on a management buy-out
The corporate team at Field Seymour Parkes LLP have advised the management team of Whistl (formerly TNT Post) on a management buy-out from Dutch group PostNL BV.
Field Seymour Parkes LLP were instructed by the management team on the buy-out which has seen them take a controlling stake with PostNL retaining a 17.5% shareholding. Whistl is the second largest postal operator in the UK after Royal Mail, with a turnover in excess of £600 million pa. Following completion of the management buy-out, Whistl will be able to develop its current portfolio of activities and build its leading position in the UK postal market.
Field Seymour Parkes LLP were also instructed to advise Whistl on a £65 million asset based lending facility from Royal Bank of Scotland Invoice Finance which will support the growth of the business moving forward.
The transaction was led by corporate partner Jeremy Parkes with assistance from corporate partner Penelope Garden, banking partner John Barker and corporate assistant Rachael Maunder.
Nick Wells, CEO at Whistl said:
“Having worked with Field Seymour Parkes LLP for over 15 years we knew we could rely on pragmatic, commercial advice and practical solutions from Jeremy Parkes and his team. This proved invaluable in helping us complete the management buy-out. We look forward to continuing to work with Field Seymour Parkes LLP as we grow the business in the future.”