Professional Services
FRP Advisory
Full Credential Description
Spire Payments Limited, a significant player in the UK EFTPOS market, faced critical challenges following a decline in group revenue due to the loss of a key customer. This situation was exacerbated by the complex structure of the Spire Payments Group, which had expanded internationally over several years. As a result, the company was at risk of running out of funds, prompting its US private equity owner to engage we to facilitate a sale.
Initially, we encountered difficulties in finalizing a sale due to concerns regarding the group's profitability and its intricate structure. Consequently, we was appointed as administrators for Spire Payments Limited, focusing on selling the UK operations. The Corporate Finance team initiated discussions with various potential buyers, generating significant interest. However, a major hurdle was the ownership of the intellectual property (IP) by a Luxembourg parent company, which was undergoing a separate sale process. This required we to identify a buyer capable of acquiring both the UK operations and the associated IP.
After extensive negotiations and due diligence, Castles Technology, a Taiwan-based global payment solutions provider, emerged as the ideal purchaser. They successfully acquired the IP, allowing them to also purchase the business and assets of Spire Payments Limited. The collaboration between we’s Corporate Finance and Restructuring Advisory teams was crucial in navigating the complexities of the sale, especially amidst the challenges posed by COVID-19. Ultimately, the deal not only preserved jobs but also established a foundation for future growth for the business.