We were instructed as sole selling agents on behalf of receivers Grant Thornton (GT) to dispose of the Former Lackagh Concrete Processing Facility, Co Galway.
Given the complexity of the sale we advised the best route to market was via a public tender process.
The client’s challenge
Several issues were uncovered during an extensive pre-sale due diligence period jointly undertaken by ourselves and GT. These issues included but were not limited to the following;
- Insufficient planning permissions for 3 onsite industrial buildings.
- Adverse possession claims.
- Residual plant machinery and stock remained in situ but did not fall under the receivers control.
- Original land zoning plan had expired during LSH’s instruction and changed from “Industry related uses” to “agricultural”.
The LSH solution
- Insufficient planning permissions: LSH advised Grant Thornton to commission an external planning consultant report in order to fully detail the severity of the issue and offer cost based solutions. LSH published the planning report via our private data room for all approved interested parties to review.
- Adverse possession claims: As requested by our client, we liaised closely with GT’s legal representatives to remedy any adverse possession claims.
- Residual plant machinery and stock: We provided an itemised cost schedule for the residual plant and stock on site. Upon review it was agreed to remove the residual items from the sale/asset.
- Expired zoning: LSH published a full analysis of the change of zoning with expert commentary and implications to our dataroom.
- Given the time, advice and remedies provided during our pre-sale due diligence we delivered a successful tender sale within 6 weeks of launching to market.
- By going the extra mile we provided our client with a substantial saving in additional legal fees and as a result we were able to drive value in the knowledge that no additional issues would arise.
- LSH transacted the sale 25% above our initial advised market value.