EQ & Sumer Law – Successful Sale of Family Shares in Edinburgh Biosciences Ltd (EBS)
Background
EQ Accountants and Sumer Law collaborated seamlessly to support Nicky, a shareholder in Edinburgh Biosciences Ltd, in selling approximately 30% of her shares to an external investor. EBS, a pre-revenue company pioneering cataract treatment technology, faced cash flow challenges and secured a conditional investment deal with a Singapore-based investor.
Nicky needed expert guidance to navigate the tax, commercial, and legal complexities of the sale within a tight timeframe. EQ and Sumer Law were both appointed on 3 October 2024 to manage the transaction and finalised the deal by 17 October 2024, meeting the investor’s deadline.
Our Collaborative Approach
EQ provided strategic tax planning advice, including recommending the gifting of shares from Nicky’s mother to Nicky to qualify for Business Asset Disposal Relief (BADR), reducing the family’s tax liability significantly.
Sumer Law played a pivotal role in safeguarding Nicky’s legal and commercial interests. Shaun Little, Corporate Solicitor at Sumer Law, led negotiations with the Buyer’s solicitor, secured a favourable sale price, and negotiated the removal of onerous warranties and indemnities from the share purchase agreement (SPA). Additionally, Shaun ensured that a legally binding side letter protected Nicky’s right to a future deferred payment.
Outcome
Thanks to the close partnership between EQ and Sumer Law:
- Nicky secured an upfront cash payment of £400,000.
- Risk exposure was minimised through reduced warranties and indemnities.
- The transaction was successfully completed in just 11 working days.
- The family achieved substantial tax savings and long-term estate planning benefits.
This case is a testament to how collaborative expertise and responsive service from EQ and Sumer Law can deliver exceptional outcomes under pressure.
At Sumer Law, we understand that corporate transactions can be complex and high-stakes. Our experienced solicitors provide commercially focused, pragmatic advice to safeguard your interests and help you secure successful outcomes. Whether you’re selling shares, navigating investment deals, or protecting your long-term financial position, we work alongside you and your advisers to deliver results with confidence.
If you need expert legal support on corporate transactions, get in touch with our team today.
