Before entering into such a significant transaction as a group arrangement and in some cases committing the future of the organisation, registered providers of social housing (RPs) need to gain a reasonable understanding of the other party in order to assess whether the expected benefits are likely to be realised. RPs are also well aware that an arrangement of this kind needs to be carefully planned to ensure it has the best chance of success.
How we can help
We produce a report highlighting risk areas requiring management attention. For example, we can assess independently if the planned agreements being entered into will actually add benefit to the organisation.
Using external specialists to help with this important decision is particularly appropriate where the area is complex, such as with corporate tax and VAT, or where external views can carry particular weight, for example, in validating the proposed business plan.
It can also be helpful to hear articulated the positives and negatives of the proposal arrangement by our team who have many years of experience in advising on numerous arrangements.
Working together
Our approach is to work with you to determine our precise role and to ensure, through written documentation, that responsibilities are clearly set out.
We gain an overview of the objectives from the group arrangement, then link these to the expected strengths. The timetable is usually set around dates when reports are required for board or other meetings, and we commit to providing you with drafts in good time. In our view, much of the draft wording should be shared with the other RP to ensure that the comments are balanced and that solutions are shared. In our experience, this helps to reduce the risk that the due diligence process contributes to dividing the two parties.
Wherever possible, our role should be to support the two organisations, working together, while highlighting risks and areas requiring management attention. If the group arrangement proceeds, our work should help to improve its prospects of being a success.
Our services
Our services cover carrying out due diligence on any aspects of the financial and control environment, including direct and indirect taxation, business planning, financial reporting, and viability issues. Our reporting methods can be tailored to meet your requirements, typically including a combination of written reports and presentations to the board and executive team. We provide regular updates to management and communicate issues as they emerge, so that time is available to resolve them. We also perform past competition reviews which look at the learning points from the process and provide independent assurance to management and the board on both the process followed and the solutions in progress.
If you would like to discuss how we might be able to assist in complete confidence and without any obligation, please do not hesitate to contact any of the individuals named below.
About us
Smith & Williamson has been managing the financial affairs of private clients and their business interests for over a century. We are one of the top ten largest firms of accountants in the UK according to Accountancy Age (September 2012) and our investment management business has over £13bn funds under management and advice (as at 31 December 2012).
Our primary aim is to help our clients achieve their financial ambitions, both corporate and personal. Our clients are varied – private individuals, mid-large businesses, professional practices and non-profit organisations. Our business spans 11 principal offices in the UK and Ireland, with locations in the City of London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Manchester, Salisbury, Southampton and Worcester, and an international capability in over 100 countries through membership of Nexia International (the tenth largest international accounting and consulting network) and M&A International.
In an award-winning business as diverse as ours, professionalism and teamwork are key. We recognise that clients and intermediaries take comfort from knowing that they can easily reach senior people and decision-makers in our organisation who are able to understand their needs and objectives.
Our business thrives on its people – a pool of highly talented and enthusiastic individuals who deliver a broad and innovative range of services, but without compromising on delivering a genuinely director-led service. Technical excellence underpins how we deliver our services and our teams are dedicated to offering practical financial solutions.
People may ask what sets us apart from our competitors; put simply, it’s our people – ambitious, talented and enthusiastic professionals who enjoy what they do and relish the opportunity to work together and with our clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
