National law firm Clarke Willmott LLP has acted on the multi-million pound sale of a software company, after helping to form the business in 2014.
Trailsuite Limited, which provides a market leading software solution that helps hospitality and other businesses manage and simplify their operations, was sold to Access UK Limited in a deal that provided investors with a significant return on their investments.
Simon Thomas who led on the deal for Clarke Willmott also provided legal advice for co-founders Joe Cripps and Wil Grace when the company was formed seven years ago.
Simon Thomas, managing director of the commercial division at Clarke Willmott, said: “It was fantastic to see this client come full circle. We started working with Trailsuite at its very conception, forming the company, putting in place the initial shareholder agreements and assisting with initial rounds of investment. Since then we have provided ongoing advice to the business on various matters including employment, IP and commercial contract issues.
“When it came to the sale the key challenge was the logistics of dealing with nearly 60 different selling shareholders in multiple jurisdictions, including some German and Luxembourg based funds who were advised by lawyers in California. The time difference certainly posed some challenges at the closing stages and the logistics of getting over 50 sellers signed up to the deal was a significant exercise in its own right.
“We were pleased to get an excellent outcome for the Founders and long-standing investors and wish them all the best of luck in their next ventures.”
Trail is an app used primarily in the hospitality and leisure sector which allows businesses to run a paperless workplace with checklists, record logs and integrations. Trail is used by thousands of businesses every day for food hygiene, covid checks and general operations.
The Buyer, Access UK Limited, will add Trail to the Access Group’s hospitality division, the UK’s leading provider of software solutions for the hospitality and leisure sectors.
Joint founder of Trail Joe Cripps, said: “We have worked with Simon and his team at Clarke Willmott right from the start of Trail, through several rounds of fundraising and on a wide range of other legal needs. We were therefore delighted to work with Simon again when it came to the sale of our business - something very close to our hearts.
“Simon and his team delivered exceptional service; we felt that he was really looking out for us as well as keeping the deal moving in a practical and pragmatic way throughout. I would have no hesitation in working with Simon again and would thoroughly recommend him and Clarke Willmott to others looking to develop and sell their business.”
Travers Smith acted for Access UK Limited.
Clarke Willmott is a national law firm with offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton.
For more information visit www.clarkewillmott.com