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New Forest: HWB advises Croydon Hall purchase

By Dan Teuton
4 September 2009

Southampton-based independent accountants and business advisers HWB acted as lead advisers for the acquisition of a holistic corporate and leisure learning venue.

The firm’s corporate finance team was initially approached by New Forest-based investor Peter Davies of Daybright Projects, to prepare forecasts for the proposed purchase of Croydon Hall in Somerset, a refurbished rural mansion in the Exmoor National Park.

Once agreed, directors Tracy Jenkins and Richard Hurst advised in the deal. HWB was retained to work with Daybright’s London-based legal team and see the project through to its conclusion – the acquisition of Croydon Hall for an undisclosed sum through a deal financed by directors’ loans and ethical funding from Triodos Bank.

Hurst said: “Peter came to us at a very early stage so we were involved in the deal from the outset. Having completed the projections and due diligence we gained a clear picture of how the business operated and we were able to make sound judgements and solid recommendations for the structure and the future development of Croydon Hall.”

Commending Hurst and his team for their advice throughout the project, Peter Davies said: “This was the first time we had worked with HWB and I doubt we could have gone to them with a more complicated set of circumstances to unravel!

“Having worked up a detailed plan for the acquisition we were pleased to retain the same team to complete the deal. Croydon Hall has great potential and I look forward to embracing its long-established ethos while developing and expanding the business.”

HWB is one of the largest independent chartered accountancy practices in the region providing business and taxation advice to SMEs across all sectors with specialisms including professional services, construction, healthcare and the hotel and leisure industries.

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