Evolution Buy Out

12th Jul 2010

The North East division of a national accountancy and business support corporation will emerge a stronger enterprise now it has been bought out by management, according to its legal advisers.

The new partnership, known as Evolution Business and Tax Advisors LLP, acquired the assets of the North East businesses of Vantis group, which went into administration last week.


The buy out secures 65 jobs in Darlington, Hartlepool and Middlesbrough.


Solicitors at BHP Law were given just two weeks to negotiate legal contracts, draw up agreements between the partners in the new business and work with financiers at Lloyds TSB on funding the deal.


Elaine McLaine, who only joined BHP Law last month, worked around the clock to meet the deadline.


She said: “It’s refreshing to be able to report a good news story for the regional business community at this time, with jobs secured and a new business established that will be a strong force in the market place.


“The North East business of Vantis was very profitable but Evolution will be an even better model going forward. The leadership is intact and has a fantastic team behind it.”


Elaine added: “The most important thing for me was that we could deliver for the people involved, the partners and the staff, because so much was at risk. I was delighted to be able to help the partners achieve their ambitions so that no jobs were lost.”


Ray Priestman, a partner in Evolution, said the acquisition meant it was business as usual for clients.


The company plans to strengthen its service helping clients’ businesses to be more successful and profitable and to mitigate their tax bills.


Mr Priestman said: “The partners would like to thank both BHP Law and Lloyds TSB for their excellent and timely work.”


Elaine worked with BHP’s head of company and corporate law, Gary Copeland, while partner Graeme Ritzema also assisted with specialist employment law advice.


She added: “It was fantastic for me, having recently joined BHP Law, to be working for a firm that has the flexibility and specialists lawyers to be able to complete the MBO for our clients in record time.


“While we were working to a very tight timescale, the long hours were well worth it to see such a strong business as Evolution going forward.”