Prestige Flowers

Park Place advised Prestige Flowers and Flowerline on a merger and debt capital raise to facilitate the buy-out of minority shareholders.

Established in 2013 and based in Halifax, Prestige Flowers is a leading online florist. Flowerline, based in Mansfield, is a flower procurement and distribution specialist. The relationship between the two businesses had strengthened over time and prior to the merger, Flowerline was exclusively handling Prestige’s procurement and distribution. The directors of both businesses recognised the time was probably right to formally bring the businesses together and enable some minority shareholders to realise their investment in the companies.

Park Place worked with both businesses to understand the objectives of the various stakeholders and advise on the solutions that would best achieve these objectives. The preferred solution was a merger of both businesses, combined with a debt raise to enable passive minority shareholders to realise value and ensure the business is sufficiently capitalised to deliver the ongoing shareholders’ growth aspirations.

Park Place assembled a team of specialist advisors with a view to completing the transaction on a short timeline ahead of the October 2024 Budget.

Park Place also provided debt advisory services, helping present information to an array of potential funders and agree a deal that could be delivered within the required timeframe, providing the business with sufficient liquidity and had the required level of flexibility. Thincats were ultimately selected as the preferred funder for the transaction.

Simon Crowther, CEO at Prestige, said: “We are immensely grateful to the Park Place team for their exceptional guidance throughout the entire deal process. Working towards a tight deadline, their professionalism, dedication, and unwavering support made navigating complex matters straightforward and seamless. The team was always available to answer our questions and went above and beyond to ensure a successful outcome. We highly recommend Park Place for their outstanding service.”

Ben Peacock, partner at Park Place, added: “Prestige and Flowerline are hugely impressive businesses in their own right, and having worked more closely in recent years, a combination of the businesses became compelling for the shareholders. Just as importantly the quality and service provided to customers will be further enhanced by the merger as the businesses work together seamlessly.””

Following the deal, Park Place has become the retained corporate finance advisor to the merged business.