Local accountants support sale of Middlesbrough independent fashion retailer Psyche – in record time

Date posted: 10th Feb 2021

Clive Owen LLP, the regional firm of chartered accountants and business advisers with offices in Darlington, Durham and York, provided professional accountancy and tax support to owner Steve Cochrane in his recent sale of Psyche to Frasers Group.

Clive Owen Corporate Finance worked on the deal with long-standing client Steve Cochrane, ensuring it was completed in ‘record time’. The firm also provided tax advice prior to the completion of the deal.

The Psyche store, which has been part of the Middlesbrough shopping landscape for more than 38 years, is considered a flagship retailer for Teesside. It has recently faced challenges, like many others in the sector, caused by uncertainties around Brexit and the shutdowns forced by the global pandemic.

Angus Allan, corporate finance partner at Clive Owen LLP, said: ‘’The deal was straightforward and conducted at a pace. It has secured the future of 58 staff who work at the Middlesbrough shop and on its online operations. It will be interesting to see how the business develops over the coming months and years with Steve at the helm in his new role as CEO’’

Steve Cochrane said: ‘’I have enjoyed working with the Chris Beaumont, Angus and the wider team at Clive Owen LLP over the years. They really go above and beyond in terms of client service and they have supported me in achieving my business and financial objectives. This has allowed me to focus on running the business and Chris has ensured I was in a great position to accept this offer for the business by having everything prepared so the due diligence could be completed very quickly.’’

Chris Beaumont, partner at Clive Owen LLP, said: ’It has been a real pleasure working with Steve who is a true entrepreneur and visionary business leader. I am delighted that he is staying on as CEO and am excited to see where this journey takes him with the support and backing of one of the UK’s largest fashion retail groups.’’

Clive Owen LLP was also able provide support from its tax team headed by Alan Moore to provide advice on restructuring and other associated matters ahead of the sale.

The team at Clive Owen Corporate Finance, headed by partner Angus Allan is one of the country’s top performing corporate finance advisers, consistently topping the financial adviser deal volume league table for the North East in Experian’s annual UK and Republic of Ireland mergers and acquisitions (M&A) report. The team has advised on transactions with an aggregate total deal value of over £120m.

 


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