Clydesdale Bank backs MBO for CVR Global
Former partners of accountancy firm Chantrey Vellacott DFK LLP have completed a management buy-out of its business recovery division with support from Glasgow-based Clydesdale Bank.
The new independent specialist firm, CVR Global LLP, will provide a full range of restructuring, insolvency, financial and corporate advisory solutions following agreement on a new facilities package with the lender.
The move follows the merger announced earlier this year between Chantrey Vellacott and top ten accountancy firm Moore Stephens, which the business recovery division of Chantrey Vellacott did not form part of.
Led by managing partner Richard Toone, CVR Global employs a team of approximately 60 people, including seven partners, at offices in London, Birmingham, Brighton, Colchester, Northampton and Southampton.
The deal was led by Chris Harris, director within Clydesdale Bank’s specialist and acquisition finance team in London.
Richard Toone, managing partner of CVR Global, said: “It felt like the perfect time to start a new, progressive, entrepreneurial firm - building on the excellent reputation of the division and our track-record of delivering quality work. It is an exciting time to be launching a new business.
“The firm is already taking steps to expand following completion of the buy-out and is relocating its London office to new premises in New Fetter Lane.
“We fully intend to develop our range of services and to grow the firm through the recruitment of additional partners and the expansion of the team. As a first step, we will shortly be making an announcement about our new offshore offices.
“Clydesdale Bank’s commitment to understanding our vision for the business and their expertise and experience within our sector makes them the ideal funding partner for us.”
Chris Harris, of Clydesdale Bank, added: “Our very different and focused approach to cash flow lending gave us the agility and flexibility to deliver a funding solution which meets the specific requirements of CVR Global, providing the platform to assist them with their growth ambitions.”
“Richard and his team have ambitious plans to develop the business across their network of offices. We look forward to supporting them further as they implement their strategy for the firm.”