PDT Solicitors advises on the sale of Calverton Finance to Cubitt Trade Holdings
Published: 03 Mar 2021
PDT’s corporate team is delighted to have advised Peter Cordrey and Greg Hussey on the successful sale of the Calverton Finance to Cubitt Trade Holdings LLC, a member of the Petra group of companies. Calverton is a specialist provider of invoice finance, payroll and other back office services to small and medium sized businesses in the UK.
PDT have been the principal lawyers to Calverton since its formation back in 1998 when Peter Cordrey, then the chairman of Hampshire Trust Bank having previously enjoyed a very successful career in the City with Singer & Friedlander, recruited Mark Byrne and Chris Watt to set up a new factoring business based in Milton Keynes. Peter later acquired a majority interest in Calverton and has continued in the role of chairman for the last ten years.
Having acquired Pulse Factoring Solutions a little over a year ago, this is an exciting further addition to the Cubitt stable of UK based finance businesses. We have no doubt that Cubitt’s appetite for further UK acquisitions will not be dimmed by the pandemic and they are set to become a significant player in the ABL market.
Noel Ruddy, Head of Corporate said “Our experience and strength in the ABL sector together with our wealth of corporate transactional experience allowed us to work collaboratively with the Buyer’s advisers to facilitate a smooth process. With Greg and his team remaining at the helm, we are confident that the business will go from strength to strength and we look forward to our continuing relationship with Calverton.”
“We were delighted with the sound advice we received from PDT. This was a significant deal for us which meant it was important to feel as if we were in safe hands. They negotiated the contract and warranties in an extremely professionally manner, and gave the shareholders an excellent and friendly service. I would definitely recommend them to anyone looking to sell their business.”
- Peter Cordrey, Former Chairman