Company and unquoted share valuation


information systems

Case studies

Brand name of specialist sports car : Expert advisory for receivers: intellectual property valuation

Brand name and business of household name kitchenware company : Expert advisory for receivers/pension regulator

United Nations Compensation Commission : Expert advisory : intellectual property valuation

Valuation of the 'Kickers' brand : Brand valuation

Employee Trust : Commercial/fiduciary valuation

Ladies retail fashion : Commercial/Expert determination

Franchised courier company : Independent expert

Food manufacturer : Commercial/dispute resolution

Valuation of a private school : Commercial/independent expert

UK investment bank : Commercial/independent expert

Life-assurance company : Commercial/valuation advisory

Receivers of high profile sports car company

The receivers needed to know the value of certain intellectual property rights owned by this car manufacturer for the purposes of negotiating a sale. We were able to provide our reasoned opinion within a tight time-frame and on budget.

Insolvency advisors and Pensions Regulator

Angela Hennessey was asked to report on the current value of a household name kitchenware company for the purposes of a potential group reorganisation which required the approval of the Pensions Regulator.

United Nations Compensation Commission

Angela Hennessey was appointed to assist the Secretariat of the United Nations Compensation Commission in the identification of appropriate valuation principles applicable to the determination of claims involving loss of intangible assets arising from the invasion and occupation of Kuwait. She worked in tandem with an international intellectual property lawyer from the Max Planck Institute in Germany. Their combined report was presented to the Commissioners.

Valuation of the 'Kickers' brand

The sole activity of this company was the right to exploit the 'Kickers' footwear and clothing brands in the United Kingdom and Ireland. A market valuation was required for intra-group transfer and accounting purposes.

Employee Trust

Angela Hennessey was asked to provide her opinion on the proposed consideration to terminate a covenant which was payable by a Lloyd's underwriting agency to an employee trust. The amount payable to the trust for the benefit of employees amounted to 20% of profits of the agency. A reorganisation arising from a change of ownership of the agency meant that it would no longer be possible to identify the profits attributable to the business as it was when the covenant was put in place. She reported that the proposed consideration was too low. As a result she was asked to act for the trustees and advise them on an acceptable consideration. As a result of her report the consideration offered was increased substantially.

Ladies retail fashion outlet

Angela Hennessey determined the goodwill of an up-market ladies retail fashion outlet for the purposes of the disposal of a 50% interest to the remaining partner. The interest was sold at the valuation price.

Franchised courier company

The President of the Institute of Chartered Accountants in England and Wales appointed Angela Hennessey to act as expert to determine the value of the goodwill of a franchised mail business where the franchise agreement had been terminated and the franchisee was in dispute with the franchisor.

Family owned food manufacturing company and major supplier to US confectioner

This valuation was at the request of the company's principal customer, a major US confectioner, who had told the three family shareholders/directors that they must sort out their dispute or risk its withdrawal as a customer. As a consequence of this threat the company's bankers became concerned and were monitoring the situation. The valuation requirement was for a fair value of the entire share capital. In the light of the particular problems of the company, its value on the basis of three alternative scenarios was considered: on the basis of a break-up assuming neither faction would be willing to buy or sell their shares and no third party acceptable to the US confectionery company could be found to buy the company; on the basis that the company were sold to one of the existing shareholders who continued to be involved in the management; and the potential value of the company assuming it were professionally managed and that US customer's concerns were fully allayed.

Valuation of a private school

The value of a private mixed day school for 350 pupils aged 2 to 13 was required in order to advise the board of directors of the company which owned it on an appropriate selling price to a newly formed related company. The sale of the school at an arm's length price had to take place before the owning company could merge with another company involved in developing educational software and float on the Stock Exchange. The sale took place at the valuation.

Major UK investment bank

Whilst at Ernst & Young, Angela Hennessey was responsible for carrying out biannual valuations from 1987 to 1990 of the shares in the investment banking arm of one of the largest UK clearers. In 1990 the remaining founder shares were bought out by the holding company and the need for the periodic valuations ceased. The basis of valuation was of the shares as if listed. The assignment involved preparing an initial valuation report and presenting the findings to the Valuation Committee which comprised board members of both the investment bank and of the ultimate holding company, including the group chairman and finance director.

Canadian life-assurance company

As a consultant to RSM Robson Rhodes Angela Hennessey advised a Canadian life assurance company on the value of a brand name for which it did not have exclusive rights and which it shared with an unrelated international insurance group. The international insurance group (a UK plc) was in the process of re-branding itself and the Canadian company was considering making an approach with an offer to acquire the exclusive rights to the name.

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© Angela Hennessey 2004-2010
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Dispute resolution | Independent expert | Commercial valuation | Tax valuation
Employee shares | Matrimonial | Fiduciary valuation | Intellectual property