The demerger of Margetts & Luck Veterinary Surgery, an established regional veterinary practice operating from Maidstone and Ashford in Kent, was handled by Kevin Sullivan.
The two partner practice was split into two with each partner taking one location. Negotiations were complex and took several months to agree, much to the frustration of the partners.
Kevin (who acted for Loree Luck who took the Maidstone practice) commented: “We were all relieved to finally complete the demerger of this partnership. Partnership disputes are often acrimonious affairs and, unfortunately, this demerger, which resulted in the dissolution of a 20 year old partnership, was no exception. The deal involved the dissolution of the existing partnership with each partner acquiring the business and assets of one of the two distinct practices within the partnership.
The documentation had to deal with all the usual provisions you would see with a partnership dissolution (e.g. the agreement of final accounts) but in addition we needed to deal with the sale of the relevant assets to the partners and also TUPE issues in respect of the employees which required consultation with the affected employees. This all added to the complexity of the transaction which took five months to complete.”
“This was a very stressful period for me and the quick responses to my questions and timely advice by Kevin was very reassuring.” Loree Luck, owner of the new Bearsted Veterinary Surgery
This transaction adds to the work handled by Warners for professional practices.