Professional Services
FRP Advisory
Full Credential Description
Spire Payments Limited, a major supplier of EFTPOS payment solutions in the UK, faced significant challenges following a decline in group revenue after losing a key customer. This loss led to a complex organizational structure and raised concerns about the company's profitability, ultimately putting it at risk of running out of funds. In response, the US private equity owner engaged we to facilitate the sale of the Group. However, initial discussions with potential buyers were unsuccessful due to the complexities surrounding the Group's structure and financial health.
As the situation worsened, we was appointed as administrators for Spire Payments Limited, focusing on selling the UK operations. The Corporate Finance team identified potential buyers and initiated a sale process that garnered considerable interest. A critical issue arose because the intellectual property essential to the UK operations was owned by a Luxembourg parent company, which was undergoing a separate sale process. This required we to find a buyer capable of acquiring both the UK business and the associated intellectual property.
After extensive negotiations and due diligence, Castles Technology, a Taiwan-based global payment solutions provider, emerged as the ideal purchaser. The sale was successfully concluded, ensuring a platform for future growth for the business while safeguarding all jobs. The collaborative efforts of we’s Corporate Finance and Restructuring Advisory teams were instrumental in navigating the complexities of the multi-jurisdictional sale, especially amid the disruptions caused by COVID-19.