Press Release: CTW Hardfacing Management Buy-Out

CTW Hardfacing Management buy-out

CTW Hardfacing Limited, based in Sheffield, has undergone a multi-million-pound management buyout from its former owner, the past Master Cutler, Ken Cooke.  The transaction was led by Hawsons Corporate Finance.

Established in 1972, CTW Hardfacing Limited are leaders in the field of providing long term wear resistant solutions to a multitude of industries including power generation, steel production, oil and gas and food processing.

With decades of industry experience between them, Mark Hill (Works Manager) and Adrian Carr (Chief Operating Officer) have combined to form the buyout team.  A joint funding package to support the transaction was provided by NatWest (Paul McCarron Senior Relationship Manager Sheffield) and Royal Bank of Scotland Invoice Finance (Paul Green).  Legal advisors to the management team were CMS in Sheffield, led by Ben Hendry.

Hawsons Corporate Finance Partner, Pete Wilmer commented on the MBO: “Mark and Adrian are genuine industry experts and CTW has proven itself to be a remarkably consistent performer throughout the economic cycle.  Having taken a leading role in running the business throughout Ken’s recent tenure as Master Cutler I have every faith in their future success, it’s been a pleasure to work with everyone involved.”

Paul McCarron commented “CTW is a fantastic business and the bank was delighted to support the long serving MBO team as they take the business forward to its next generation.  This was a great team effort by all parties and advisers with superb collaboration from all involved to get this transaction completed”

Keebles (led by Matt Ainsworth) provided legal advice to the vendors whilst Lupton Fawcett (led by Sheffield corporate partner Neil Large) advised NatWest.

 

 

Pete Wilmer

Corporate Finance Partner

0114 266 7141

Jack Ware

Corporate Finance Director, Sheffield

0114 266 7141
Changes to the SRA handbook

Changes to the SRA handbook

Changes to the SRA handbook

The SRA is introducing a new handbook which includes the new code of conduct that will come into effect at some point in 2019, although the exact date still remains unconfirmed.
In 2011, the launch of the SRA handbook welcomed some changes that altered the legal landscape with outcomes focused, risk-based regulation and the introduction of compliance officers.
However, in the new 2019 handbook the emphasis on outcomes focused regulation will disappear. Instead, law firms will be asked to comply with the Standard of Professional Conduct.

Why the change?

The SRA has recognised that the 2011 handbook is too long and unnecessarily complex. Therefore, by reducing the number of rules from 52 to 13, the handbook should be more user-friendly and easier to follow.

What is changing?

The new SRA handbook will see the number of SRA principles reduced as some of these will now be covered under the new Codes of Conduct. These principles are as follows:

  • provide a proper standard of service to your clients;
  • comply with your legal and regulatory obligations and deal with your regulators and ombudsman in an open, timely and co-operative manner;
  • run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles;
  • protect client money and assets.

The New Codes of Conduct

The handbook that will be launched this year will consist of two Codes of Conduct: The Code of Conduct for solicitors and the Code of Conduct for firms. The purpose of having these new Codes is to move away from prescriptive rules to allow for greater flexibility in applying the core standards.

Accounts Rules

The Accounts Rules book will also be simplified but will still focus on the requirement to adhere to the rules regarding the operation of a client account, dealing with client money and paying interest.

New Sections

The 2019 handbook will include the SRA Application Notice review and Appeal Rules. This will be a combination of general provisions relating to applications to and notices from the SRA condensed into one section.

The SRA Transparency rules will also be outlined. These rules, that came into effect in December 2018, require regulated law firms to publish price and service information on their websites.

Another new rule that is included in the handbook now allows self-employed solicitors to provide reserved legal services on a freelance basis.

Law firms are expected to transition to the new handbook seamlessly so it is advised by the SRA that firms should be preparing for this change now in order to avoid disruption.

Paul Phillip, SRA Chief Executive, said: “We have worked closely with the profession and the public to develop our proposals over the last four years, engaging with more than 35,000 people. I am pleased there was widespread support for our overall approach and that we received so much useful feedback.”

“We are now ready to make the changes that are needed to modernise both our regulations and the legal market. Our reforms focus on what matters: the high professional standards that offer real public protection rather than unnecessary bureaucracy that generates costs, constrains firms and hinders access to legal services. We believe that the changes will make it easier for firms and solicitors to do business and to meet the needs of those who need their services”.

 

 

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Charity sector is ill prepared for a no-deal Brexit

Charity sector is ill prepared for a no-deal Brexit

Charity sector is ill prepared for a no-deal Brexit

A survey conducted by the Charity Finance Group (CFG) has highlighted that Charities are ill prepared for the possibility of there being a no-deal Brexit.

The UK is currently due to exit the European Union on 29 March 2019, however more than a third of respondents to the CFG survey said that they had not made any preparations for the eventuality of a no-deal Brexit.

The full results of the survey showed that:

  • 38% had not made any preparation for the possibility of a no deal Brexit.
  • 44% had only made limited preparations.
  • Only 4% said they were fully prepared for a no-deal Brexit.

The CFG survey also touched on the fact that the charity sector are not fully aware of what a no-deal Brexit would mean for their charities. Only 8% of respondents claimed to be fully aware of the implications of the UK leaving the European Union without a deal. This result is likely to be the reason why so many charities have yet to prepare for a no-deal Brexit.

When questioned as to what the charity sector’s biggest concern surrounding a no-deal Brexit was, most respondents of the CFG survey claimed it to be a ‘lack of certainty’.

Caron Bradshaw, chief executive of CFG, said: “It is not surprising, but is worrying, that charities are ill-prepared for a no-deal exit. The level of uncertainty has made organisational planning in this respect incredibly difficult. This level of unprecedented uncertainty, volatility and predicted economic disruption, coupled with the non-tariff considerations, from workers’ rights to regulatory complexity, present too great a risk to the UK and thus to civil society. So, we call on all parties to prioritise the most vulnerable in our society and do everything within their power to prevent a no-deal Brexit.”

More from our charity experts

You can find all of our latest charity sector news and newsletters here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.