News & Events
We’re delighted to announce that we recently advised Hull-based H&R Healthcare, a leading UK distributor of medical products, on its acquisition of the Pretty Legs Holdings group of companies, which includes a leading UK manufacturer of medical and consumer hosiery, for an undisclosed sum.
Azher Quyoom, a partner with Andrew Jackson who specialises in restructuring and insolvency matters, together with corporate associate Daniel Hammond, led a 10-strong multi-disciplinary team, which advised H&R Healthcare on the acquisition following a complex restructuring programme that avoided an imminent risk of administration of the group.
Azher said: “We felt that if we were able to avoid administration there would be a softer impact on the NHS supply chain – the Medalin subsidiary, for example, is the UK’s leading manufacturer of prosthetic socks – and therefore less chance of business disruption than would inevitably be the case with an administration.”
“We proposed a voluntary arrangement to restructure the core business of the group, which, once agreed with key stakeholders, would avoid administration for all three companies, maintain business continuity for customers and help to safeguard 70 UK-based manufacturing jobs.”
“The restructuring and subsequent acquisition would not have been possible without the collaborative efforts of key stakeholders, including HSBC, which provided support to the group whilst the restructuring programme was implemented.”
Dan Wilson, corporate relationship director at HSBC, added: “We provided the financial backing and guidance that was critical to the success of the deal, helping to safeguard UK manufacturing jobs. The company has ambitious plans for the future and we are delighted to be able to support H&R Healthcare as it prepares for growth.”
Mike Hoskins, managing director of H&R Healthcare, said: “We are absolutely delighted with the successful outcome of this acquisition. Azher, Dan and the rest of the Andrew Jackson and HSBC teams have provided us with valuable, commercial advice at every stage of this acquisition and have left no stone unturned.”
“H&R Healthcare already works with the Pretty Legs group, so this is a great fit and a logical extension of that relationship whilst enabling us to support and invest in a group of companies which has a long-standing reputation for producing innovative, high quality textile garments in the UK.”
“Pretty Legs Holdings will complement our existing Leicester based business, CUI International, a major UK manufacturer of hernia and ostomy support wear, to create a UK Centre of Excellence with expertise in the development and manufacture of specialist textiles.”