ANDREW TULLIE, SOPER OF LINCOLN LTD

1. ANDREW TULLIE, SOPER OF LINCOLN LTD One of our longest standing clients who owned a dealership that sells prestige cars, approached us in 2009 with a view to structuring a management buyout (MBO). The decision to proceed with an MBO rather than an outright sale was made in part due to the reluctance of banks to partner with purchasers due to the financial crisis at the time. We worked with the client and his successor, Andrew Tullie, in structuring a plan to enable Andrew to acquire the group in phases, partly using the retained profits of the business. We applied for clearance, which was granted by HMRC. Over the next five years, Andrew managed the business and was critical to the increased profitability which enabled challenging targets to be met which allowed him to buy 50% of the business over the initial 5 year period. In 2014 the first phase of the MBO completed with Andrew owning 50% of the group. Based upon the improved trading performance and the track record built up by Andrew the group was able to take out a loan from the prestige manufacturer to allow Andrew to exercise his option to purchase the remaining 50% of the group, thus becoming sole owner. “Charterhouse is a relatively small firm yet it delivers like a big company – you get an incredibly personal service as well as top-class advice and ideas on what to do for the best for your business. I was very impressed with their professional service during the MBO as they not only made everything very straightforward, nothing was too much trouble to explain and review.” says Andrew Tullie of Soper of Lincoln Ltd. The MBO has facilitated the succession planning of a highly profitable business whilst maintaining the high standards required of the prestige manufacturer. The former owner was able to maximize the value received from the sale of the business and Andrew was able to purchase the business in a structured way with minimal risk to his own capital, all within the back drop of a severe financial crisis which limited finance available to SME borrowers. As well as dealing with HMRC and the taxation aspects of the transaction Charterhouse managed the whole process from beginning to end with all parties including the prestige manufacturer. We are proud to have been able to work with Andrew to help him acquire the business and we maintain a strong relationship with him moving forward. Andrew concludes, “I get real value from them and view the team as partners in my business. I can pick up on a conversation I had with them months ago and get up to the minute advice from a specialist straight away: everyone is very easy to get hold of when I have a question. The proactive advice on both

2. business and tax planning and corporate governance that I’ve received has saved me a fortune over the years. They understand my complex business and make everything nice and easy for me so I really don’t know why I would ever want to use anyone else!