The Corporate team at the Wilkes Partnership has advised management on their investment in a new company, Strictly MOT Limited. Their investment was a part of the growth capital investment by serial entrepreneur Bill Hall in Strictly MOT’s innovative MOT testing concept. Corporate partner Rick Smyth and solicitor Mike Linford advised the team.
Operating under the motto “We hope you pass”, Strictly MOT is a radical new MOT testing proposition, providing customers with a reliable and unbiased MOT test. Because Strictly MOT provides no service/repair/spares, its highly qualified testers are completely objective.
Strictly MOT Director, Bill Hall, said, “The evidence is that motorists have little faith in MOT tests that are carried out by repair shops. We are delighted to offer customers this new trustworthy MOT experience.”
Opening Monday 17 March 2014, the company launches its first MOT testing centre at the former fire station on Mill Lane, opposite Digbeth bus station, a 3min walk from the Bull Ring shopping centre. Extensive on-site parking offers customers a “drop & shop” opportunity while their MOT test is being done. The site is the first of a network planned across the region.
The deal was originated and led by Transcend Corporate Finance. Transcend Director Ian Curtis, who led the transaction, commented, “Many consumers express a need to find an MOT testing unit that they can trust. Strictly MOT, because it solely carries out MOT tests and has no interest in carrying out any rectification work, can provide that.”
Banking facilities for the deal were provided by Santander.
Partner Rick Smyth said, “We were delighted to be advising the management on this exciting new venture. Getting the equity incentive structure right was crucial for the team if they were to avoid potentially costly issues later on.”
Mr Curtis added, “We enjoyed working with the Wilkes team once again. As always, they provided solutions-driven, no nonsense advice on some complex issues – helping management overcome some difficult obstacles and achieve a smooth completion.”
The Strictly MOT deal demonstrates the Wilkes Partnerships’ expertise in advising management teams (as well as investors) in growth capital and private equity deals, as well as our continued appetite for supporting growing businesses in the SME sector.