Knights advised the shareholders of direct debit services provider Payment Solutions Limited (trading as SmartDebit) on the successful sale of the company to Access UK Ltd.
As one of the UK’s leading direct debit service providers, SmartDebit is a key strategic acquisition for Access PaySuite (a trading division of Access UK Ltd). With over 20 years’ experience creating payment solutions for organisations, it will augment Access UK’s offering, enabling it to bring choice and innovation to the UK’s challenging and fragmented payments sector.
SmartDebit was established by its founders, Terry and Sara Jones in 1998 and together with fellow directors Rhys Daniel Malcolm Hughes and more recently, Paula Downey Jones and Gavin Scruby, they built a strong and enterprising company. The sale will bring a new era for the business.
Knights’ Corporate team was led by Neale Andrews and supported by Phillip Vallon and Kirstie Collins.
Neale Andrews, Partner at Knights commented: "Having worked alongside SmartDebit for over 12 years, I’m delighted to see the management team’s hard work over many years culminate in a successful sale. This also represents the start of a new era for the business as they become key in AccessSuites future growth strategy which could truly transform the UK payments sector”.
Malcolm Hughes, Chairman at SmartDebit, commented: “The successful sale of SmartDebit to The Access Group concluded a 20 year history for the company from its origin as an entrepreneurial start-up to becoming a well-established leading Direct Debits payment bureau employing 50 people and serving a very wide range of client organisations from large corporates like Eon down to small members clubs. Knights Plc provided excellent advisory support to the Company's shareholders and managed the legal exchanges between the parties in a highly efficient and professional manner. We were very satisfied with the service provided for this highly important transaction.”
Access UK Ltd were supported by Travers Smith.