BDO has acted as reporting accountant on the £28m reverse acquisition of Metro Rod. The deal represents Franchise Brands’ second acquisition since its IPO in August 2016 and is in line with its strategy to acquire franchise businesses that could benefit from the Company’s central services, such as marketing, and the extensive franchising expertise of its leadership team and Board.
Founded in 1983, Metro Rod is a leading provider of drain clearance and maintenance services delivered 24/7/365 on a largely reactive basis. The services are predominantly provided by 40 franchisees with geographical coverage across the majority of the UK.
“I am very grateful to the BDO team for their invaluable help in this complex transaction which involved an acquisition, reverse takeover and our first year-end as a plc! They were a key part of the team in not only providing excellent professional services often under tight time lines, but also invaluable commercial advice which gave us a greater understanding of the target business and the deal process. We could not have done it without them and certainly look forward to working with them again.”
Stephen Hemsley, Executive Chairman of Franchise Brands plc