Cowgill Holloway advises Walter Forshaw in succession plan

May 2008
Bolton-based Cowgill Holloway has advised the shareholders of Walter Forshaw on the succession planning of the business, to enable the retiring generation in the family run company to pass control to the younger shareholders.
Established in 1921 in Bolton, Walter Forshaw is one of largest demolition contractors in the North West, providing a fully integrated package for demolition solutions throughout the UK. The business currently has a turnover of £6 million and directly employs 80 staff.
The corporate finance team at Cowgill Holloway structured the deal and advised on funding. Charles Cooper, corporate finance director said: “Walter Forshaw has traded successfully for almost 90 years under the control of the family. By helping the business with its reorganisation, we have enabled the retiring members of the family to realise their investment tax-efficiently, whilst allowing other family members to continue to trade the business.”
Andrew Forshaw, Managing Director of Walter Forshaw commented: “Over the generations, the shareholding was split between Walter’s children and grandchildren. Cowgill Holloway has assisted in transferring all of the shares to his grandchildren who continue to work in the business, allowing the children to exit in a tax efficient manner.”
Corporateblue solicitors advised Walter Forshaw. NatWest provided part of the funding for the acquisition.