Azets advises on Carter Business Sale with support from Sintons
Accountancy and business advisory firm Azets has revealed its involvement in the sale of Gateshead-based Carter Business Systems to Spectrum.
Set up in 1999, business systems provider Carter has been snapped up by Hull-headquartered technology business Spectrum in a deal which will enhance the sales, engineering support and helpdesk functions of both businesses, to provide enhanced service and value to a combined client base of more than 1,500 organisations
All Carter staff have been retained as part of the acquisition.
Carter directors Steve Oxley and Graham Nicholson will support the company’s transition to Spectrum’s Newcastle office.
Stephen Harris, tax director at Azets, advised the vendors on tax planning for the sale while Matt Waters from Azets’ North East corporate finance team provided advice around the financials, completion mechanics and realising the most value for the vendors.
Legal advice to the vendors was provided by Adrian Dye and Emma Pern at Sintons.
Rob Cavill, managing director of Spectrum, said: “The whole concept was a simple one. The directors at Carter and I have known each other for many years and the foundations of our businesses have always been very closely aligned.
“I now look forward to incorporating such a talented group of like-minded people into our existing business, with the improved scale of our operation allowing us to further improve the service to our new and existing customers.”
Steve Oxley, director at Carter Business Systems, added: “I am delighted that we have entered into this agreement with Spectrum, with the certainty that they share our high standards and that they will continue to look after the loyal customer base we have built up over the years.
“We have received terrific support from Matt, Stephen and the teams at Azets and Sintons who have helped us navigate and negotiate the deal. I appreciate the dedication of the teams in managing a smooth process throughout and securing a successful transaction.”
Graham Nicholson, director at Carter Business Systems, added: “Both Steve and I, along with Spectrum, share an enduring desire to facilitate workplace transformation, and this deal only strengthens the scope of what we do; offering clients the chance to benefit from an improved service and a wider range of innovative solutions”
Stephen Harris, tax director at Azets, said: “This deal demonstrates the vibrant business environment in the North East. Carter Business Systems is a real success story, built on entrepreneurship, values and quality, and Spectrum is in a fantastic position to take it from strength to strength. Carter’s has been a long-standing client of our Hexham office and we wish the team all the best under the new ownership.”
This article was published in Insider Media – 16th August 2022.