The shareholders of eCourier, a leading same day delivery company operating mainly in the Greater London area, have agreed the sale of the company to a subsidiary of Royal Mail plc to create a significant player in the national same day delivery market.
Royal Mail’s acquisition of eCourier will support its strategic objectives to enhance its parcel offering, expand its network and capture more value in the fastest growing segments of the UK parcels market. Royal Mail is already a leading player in other key parcels segments like business-to-business and business-to-consumer.
The Penningtons Manches corporate team comprising Charles Brooks, Liz Gillingham, Chinedu Uhiara and a multi-disciplinary team from our private client, employment, property, IP/IT and pensions departments advised eCourier’s shareholders on the sale.
eCourier generated revenue of approximately £19 million in 2014-15. eCourier’s main shareholder and CEO, Ian Oliver, will remain in the role.
Commenting on Penningtons Manches’ involvement in the deal, Ian Oliver said: “Penningtons Manches has been looking after our corporate legal affairs for many years. We made a significant acquisition ourselves three years ago and Charles Brooks’ team was brilliant, easy to talk to and deal with and giving me the confidence to complete the right deal for the business.
“In the sale to Royal Mail the team also did a great job. Three things were very impressive. Firstly, the lead lawyer, Liz Gillingham, was excellent in covering every base for me. Secondly, we were put under enormous time pressure by Royal Mail and everybody worked as long and hard as necessary to get the deal done. Lastly, the deal became more complex than initially anticipated and Penningtons Manches was able to provide expertise in every discipline as it was required. This ranged from property to IP and from employment to trusts. They came up trumps every time!”
Lead partner Charles Brooks commented: “It is absolutely marvellous to be able to work with Ian Oliver to achieve his strategic vision. Penningtons Manches has been advising Ian on his business and personal affairs for nearly 25 years, using the strength and knowledge of our private wealth and owner-managed business teams. We now wish him every success with this new phase of his life.”