Press release: May 2008

LB Group has enabled an Essex couple to savour the fruits of their labours, by securing and overseeing the sale of their 28 acre strawberry farm in Manningtree, Essex.

David and Thea Dunn had spent more than 30 years building their fruit farm, Wallings Nursery, into a very successful business. With a turnover of £1.75million, 12 acres of glasshouses and tunnels and customers including Tesco, Marks & Spencer and Sainsbury´s, they had established a very solid business.

But, as can often happen, the next generation was not keen to follow in the family´s farming footsteps explained David Dunn. So they needed to negotiate a good price for the sale of the business, so they could enjoy a secure retirement.

They turned to LB Group, their accountants for the past four years, to structure the sale in such a way that they could fund their retirement, yet remain as part-time consultants to the new owners. All the staff were to be transferred to the new management.

David explains, "The selling process was a strange experience for us, because, of course, the buyer wanted to go into every aspect of the business: physical, financial and environmental. Thankfully we had great support from Chris Annis, Trevor Lake and Paul Mustoe. They guided us through the process very professionally and gave us the best possible advice."

Chris Annis, director of LB Group, said "We worked hard to ensure that we structured the best deal from both a commercial and a tax point of view. Our role was to be pro-active and keep the momentum, promptly providing the financial information required and supporting the Dunns through an unfamiliar process.

"We´re a team with broad experience in personal and corporate tax affairs, and have the in-house commercial knowledge to work with banks, solicitors and other involved parties. That combination of skills and experience helped smooth the way for the Dunns. We wish them a long and happy retirement," Chris added.