Advising on £5.4m sale of IT services business

We have advised a subsidiary of LMS Capital Plc on the sale of its IT services business, 365 ITMS Limited.

The deal sees Coretx Holdings Plc acquiring 365 ITMS for £5.4m. LMS Capital Plc is a listed private equity investment company managed by Gresham House Asset Management, focusing predominantly on direct investment at the smaller end of the UK private equity market.

A national team led out of the firm’s Leeds office by Corporate partner Sandip Khroud advised on the deal. The team comprised, solicitor Tamanna Keir and solicitor Sarah Souter (Corporate), solicitor Helen Webster (Employment), solicitor Jo Symes (Tax), partner Richard Morton (Banking & Finance), partner Phil Gregory and solicitor Samantha Hazell (Real Estate) and partner Michael Collins (Pensions).

Graham Bird, managing director at Gresham House Asset Management, said: “This is a great move for both LMS Capital and Coretx Holdings. 365 IT complements and expands Coretx Holdings’ IT services and product portfolio and places them in a strong position in the technology market.

“Gateley Plc worked collaboratively to provide support and ensure the legal process ran smoothly to completion.”

Sandip Khroud, partner at Gateley Plc, added: “Our Reading and London office put us in the perfect place for this deal, considering Reading and the surrounding areas are referred to as the tech capital for the UK. We are delighted to have been able to support LMS Capital and hope to work with them again.”

Coretx Holdings is an AIM-listed IT managed services provider, focused on the UK mid-market.

Gateley Plc’s Corporate team is one of the largest national teams in the UK and consistently advises on more transactions than other advisors in the market.