Our stories
Lifting a private business to new heights
Our work with Welsh private business REID Lifting shows how we’re able to deliver when a client’s needs change.
Setting the scene
We’re always seeking to deliver the best possible outcome for our clients. Working with private business REID Lifting, an innovator of lightweight, portable and safe lifting systems, our multidisciplinary team did an outstanding job of meeting all their needs as their plans for the future changed.
How we helped
We were providing assurance and UK tax compliance and tax consulting services to the Chepstow-based family firm. But when the majority shareholder stressed to us they were keen to think about the longer term, it was a matter of understanding their goals.
It became clear that selling the business was a possible option in the not-too-distant future. We initially provided tax advice, which involved helping them put in place a flexible family shareholder structure, incentivise management, and maximise their R&D tax relief and patent box claims to make sure they were ready for the next level.
They also wanted partner support at their side and support in planning for, negotiating and concluding the sale of their business to the right buyer. This turned out to be the right time to introduce our Deals team, supported by an existing relationship with the financial director. During this time, we supported the family at each stage and also helped them retain key valuable assets before selling their business.
“The PwC team were good - they got to understand our business very quickly. Communication was great throughout, we had regular meetings and conference calls. The team was proactive and professional - I was impressed with all of them.”
Making a difference
Husband, wife and son all worked in the business and lived in the area, so it was important to find the right type of buyer who would continue to grow Reid Lifting in the future. Our sector knowledge, international network, and empathy for supporting and selling a family business meant we were well placed to do so.
The ongoing uncertainty of Brexit was a significant hurdle. It meant a tough M&A market for a UK manufacturer, and prospective buyers came and went. But we achieved a sale of the business, within the desired structure and meeting the family’s valuation expectations in the process. Crucially, the buyer wanted to take advantage of the Reid Lifting brand and existing business to grow it further within Chepstow. The family also received all of their proceeds from the deal on day one - which is rare for a private business.
Our work was also part of We are your PwC, our campaign focused on showcasing the best of our work with more than 16,000 private businesses across the country.