GCC Group is a managed IT services provider supporting more than 600 clients. This acquisition provides an opportunity of growth for Xperience group and allows them to reinforce their presence across the UK. Menzies LLP were advisors for GCC Group during this acquisition.
“We are delighted to have been able to support our long-term client with this transaction and wish both GCC Group and Xperience every success in their future business plans."
Menzies LLP provided tax advisory support to GCC Group, ensuring that tax efficiency was maximised for both the group and its shareholders.
Our work involved advising on the tax sections of the sale agreement, ensuring that the value of future tax benefits were taken into account when negotiating the sale consideration, advising the shareholders on their personal tax positions and providing general tax support throughout the transaction.
The biggest challenge of any sale is to ensure that the transaction remains on track and completes within the required timescales. We had a dedicated team supporting GCC Group which ensured we were able to respond to queries quickly and efficiently. We also worked closely with GCC Group’s other professional advisers to provide a joined-up service, which enabled the transaction to complete smoothly.
When acting for the sale side of a transaction, our follow-on work typically involves assisting the sellers deal with their personal tax affairs. Many sales involve receiving proceeds over an earn-out period and it is important to ensure that deferred consideration is correctly reported and that appropriate tax elections are made to maximise tax reliefs where applicable. We also assist shareholders with longer term tax and financial planning to ensure that wealth arising from the sale is managed efficiently for the sellers and future generations.
