Moore Kingston Smith advises Edwards and Ward founders on vendor-initiated buy-out by management team

Moore Kingston Smith has advised Michael Edwards and Mike Ward, the founders and directors of Edwards and Ward, a leading fresh food caterer for schools and businesses, on the vendor-initiated management buy-out (MBO) of the majority of their shares by the existing management team.

Established in 1999, Edwards and Ward is an independent catering company based in Crowborough, East Sussex. Initially specialising in the education sector, the company has since expanded into the business and industry contract catering sector.

With almost 800 employees, Edwards and Ward has built a strong reputation for providing fresh, locally sourced food, prepared and served by a highly trained and motivated team.

In this MBO transaction, the majority ownership of the business has been acquired by Clegg and Co Ltd, a corporate vehicle used by Nick Clegg, the current Managing Director at Edwards and Ward, and the other key members of the management team to purchase the shares. Mike Ward will remain with the business, demonstrating his confidence in its future and providing support to Nick Clegg and the wider team, while Michael Edwards will step down.

Edwards and Ward will continue to operate under its established brand, with no changes to daily operations.

Moore Kingston Smith was engaged by Michael Edwards and Mike Ward in early 2024 and played a crucial role in shaping and completing the MBO. The corporate finance team was led by Andrew Williamson, Partner, supported by James Henderson, Manager. Sarah Sparshott, Tax Director, provided comprehensive tax services.

Their work in this project encompassed business valuation, deal feasibility assessment, tax clearance and reporting, strategic planning, negotiations with the management team’s advisers, and commercial advice regarding the heads of terms.

This new ownership structure will empower Nick Clegg and the management team to drive the business to new heights and introduce new ideas to realise value and growth.

Mike Ward commented: “In this change of ownership, Moore Kingston Smith has been an expert partner who helped us get the deal across the line. They have excelled with their role and expert advice, showing a deep understanding of the sector and our business and the various issues that needed to be addressed to bring the deal together.”

Michael Edwards added: “Their commitment and drive to help us complete the transaction have been admirable.”

Nick Clegg, Managing Director and owner of Edwards and Ward, commented: “It’s exciting to take Edwards and Ward into a new chapter, building on the legacy established by Michael Edwards and Mike Ward. The catering sector is certainly going through changes, and we are confident that we are prepared for what the future will bring, working closely with Mike Ward and the rest of the talented management team. We wish Michael Edwards a well-deserved and great retirement.”

Andrew Williamson, Corporate Finance Partner at Moore Kingston Smith, concluded: “It’s been a pleasure to work with Edwards and Ward on this vendor-initiated MBO. The business provides a vital service to so many schools and businesses with such a clear mission and passion for using fresh and local products. We wish Nick and the rest of the management team at Edwards and Ward a bright and successful future.”