JCP Solicitors Advises Entrepreneurs In Business Buy-Out
JCP Solicitors recently acted for the buyers of Arjay Factors, a Cardigan-based auto-parts business which sells motor vehicle parts and accessories, in a buy-out funded by the Development Bank of Wales.
For new owners Danny and Lowri Grota, the buy-out represents their first business venture. Danny is a fully qualified mechanic and Lowri is an experienced office manager and administrator, and so the couple will combine their skillset to grow the business and continue to supply local garages and the public with car, van and 4x4 mechanical parts.
The couple purchased the business from John and Sharon George, who had owned Arjay Factors for over 20 years. Under the new management, Arjay Factors will retain all four employees and continue operations from its Pentood Industrial Estate site.
Lowri Grota said: “We’ve both worked locally on the Pentood Industrial Estate for several years so have known Arjay Factors well and always had a good relationship with John and Sharon who have worked hard for over 20 years to build the business.
“The time had come for them to step-back and enjoy the fruits of their labour. We saw an opportunity to step in so we approached them and we then spoke to PJE Accountants who introduced us to the Development Bank. It’s a big step buying your first business so the support from the Development Bank and JCP Solicitors as our legal advisors was very reassuring. We are excited for the future and looking forward to developing Arjay in the years ahead.”
Zoe Fletcher, an Associate Solicitor with JCP Solicitors said: “I’m so pleased for Danny and Lowri and glad we were able to work with them on the purchase of a local business. I wish this ambitious couple every success with this next exciting chapter.”
Sally Phillips is an Investment Executive with the Development Bank. She said: “Our funding has enabled the previous owners of Arjay Factors to realise their value in the business while creating an excellent opportunity for this young couple to use their skills and knowledge to begin their own journey as business owners. We wish them every success.”
The loan for Arjay Factors came from the £500 million Wales Flexible Investment Fund. Financed by Welsh Government, the Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
If you are seeking expert legal advice and guidance on commercial matters, JCP Solicitors can help. Contact our team on 03333 208644 or email hello@jcpsolicitors.co.uk.
L-R Zoe Fletcher – JCP Solicitors, Sally Phillips – Development Bank of Wales, Lowri Grota – Arjay Factors, Danny Grota – Arjay Factors.
Photo is used under licence with the Development Bank of Wales.