Furley Page advises founder of Ashford-based Breakthrough Funding during acquisition by EY

22nd April 2020

The corporate team at Kent based law firm Furley Page has played a key role in advising Sue Nelson in the sale of Ashford-based niche R&D tax relief specialist Breakthrough Funding Ltd to multinational professional services giant EY.

Breakthrough Funding Ltd, is a UK-based Research & Development (R&D) independent tax consultancy which specialises in supporting companies accessing R&D tax relief through the Small to Medium Size (SME) scheme.

Breakthrough Funding was established in 2015 by Sue Nelson, who later joined forces with Brady Last as Managing Director, starting out in Sue’s conservatory armed with just two laptops. Breakthrough Funding has since become synonymous with innovation in the workplace and family flexible working practices.

The multi-milion pound deal will see the Breakthrough Funding team become an extension of EY’s Innovation Incentive R&D tax team, under the new name – EY-Breakthrough Incentives. Breakthrough Funding’s 20 employees will continue to operate from its head office in Ashford, Kent.

The specialist team at Furley Page was led by experienced Partner and Head of Corporate, Susan Jennings, who worked closely with Solicitor Will King on all aspects of the acquisition. This included managing an extensive due diligence process, negotiating the share purchase agreement and disclosure letter and a multitude of ancillary documents to get the deal done.

Sue Nelson said: “It was a pleasure to work with Susan Jennings, Will King and their team at Furley Page to complete this complex transaction. Throughout the process they demonstrated a strong depth of knowledge in all aspects of corporate law, and provided reassuring, calm and authoritative leadership. The process was expertly managed to an exacting timetable and we were able to reach a very agreeable deal for all parties.”

Susan Jennings said: “Having worked with Sue for the last 5 years it has been fantastic to see her grow the business over that time and achieve her objective of selling the company. It has been a privilege for us to support her during this transaction.

“We strive to look after our clients’ best interests in a practical and personable way and are delighted that Sue was happy with the service we provided. Breakthrough Funding has a fantastic team of people and we are sure it will continue to thrive as part of EY.”

Winner of the prestigious Best UK Independent Tax Consultancy Firm 2019 at the Tolley’s Awards, Breakthrough Funding Ltd has helped small business owners get back over £60 million in tax benefits since its inception. It now employs 20 people and has a £2.5 million turnover.

Sue Nelson decided to sell the business in order to secure investment for expansion across the UK. Brady Last will continue as Managing Director in EY-Breakthrough Incentives and as an Associate Partner, while Sue Nelson will become a Senior Advisor to EY.

Furley Page’s Corporate and Commercial team is recommended by The Legal 500 and Chambers UK for its legal expertise.

For more information about the firm’s services and in particular how its corporate team could support your business contact Susan Jennings by email at saj@furleypage.co.uk

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