Bristol-headquartered law firm TLT has advised Westcoast Properties on a management buyout, which sees existing Director Nicholas Webber and Associate Finance Director Lindsay Pickles taking ownership of the North Somerset estate agency.
Previous owners Martin and Kay Crees are to remain a core part of the business, with Martin taking a position as non-executive chairman.
Established in 1995, North Somerset-based West Coast Properties is an independent estate agency offering residential sales, lettings and property management services.
TLT advised the management team on the transaction from the outset, working with the company’s tax advisers Thomas Westcott. Corporate partner Jon Gill led the team, with support from solicitor Rachel Kelly.
Jon Gill, partner at TLT, said: “We are delighted to have worked with Nick and Lindsay on delivering a smooth transition of ownership that enables them to take the business to the next level in the future.
“This transaction demonstrates that despite the wider uncertainty brought about by the pandemic, opportunities do exist for ambitious teams to take control of their own destiny and drive the businesses forward, and we look forward to supporting their progress in doing so.”
Lindsay Pickles, Finance Director at Westcoast Properties, said: “Having both worked with Martin and Kay for the past 10 and 15 years respectively we were delighted to be offered this amazing opportunity to continue growing such a highly-regarded company. We’re both immensely looking forward to the future at Westcoast Properties.”
Nicholas Webber, Director at Westcoast Properties, added: “We’re grateful to TLT for their support. Both Jon and Rachel’s knowledge of the end-to-end sale process and their pragmatic advice allowed for a smooth transaction for all parties.”
Cook Corporate acted on behalf of the sellers.