Cavendish Corporate Finance advises on sale of Kent County Crematorium plc

Published October 27, 2010

Cavendish is pleased to announce the sale of Kent County Crematorium plc (''KCC plc'') to WK Crematoria Ltd, a subsidiary of the Westerleigh Group a privately owned manager of cemeteries and crematoria. The transaction valued KCC plc at £13.6 million.

KCC plc was established in 1934 and is the owner and operator of two crematoria in Charing and Barham, Kent where over 3,500 cremations are conducted each year. Both Charing and Barham benefit from well established grounds with beautiful and tranquil gardens of remembrance and a range of memorials to those who have been cremated there.

Although unlisted, KCC's plc status meant that any acquisition of the Company was governed by the Panel on Takeovers and Mergers. Cavendish Corporate Finance therefore acted as Rule 3 Adviser under the Takeover Code to the Board of KCC in relation to the offer.

As an independent company for more than 75 years, the Board of KCC plc did not take lightly its decision to embark on a sale process. However, it was aware that a number of shareholders had been approached to sell their shares at a price which the Board felt was below the price which could be achieved in a full takeover.

On 14 June, Cavendish therefore announced the Board's decision to conduct a strategic review which would include Cavendish seeking offers for the business. Cavendish managed a tightly controlled competitive process involving strategic and financial buyers with Westerleigh emerging as the preferred bidder. The offer was publicly announced on 7 October and declared unconditional on 27 October.

Westerleigh under the leadership of Managing Director Richard Evans gave assurances to the KCC plc board that they would continue to manage Charing and Barham in the interests of all stakeholders including funeral directors and employees and maintaining a commitment to provide the best possible service to the bereaved.

Jeremy Leigh Pemberton, the Chairman of KCC plc, commented: ''Cavendish have expertly managed the sale process and concluded it in a timely fashion. The new owners Westerleigh have a record of operating crematoria in the interests of all stakeholders and offered shareholders a price which the Board believe fairly reflects the value of the Company.''