The Exeter office of law firm Ashfords has acted on the demerger of a Cornish business to create seven new companies.
Penzance-based Cattran Trading has been the subject of a multi-stage demerger to create the companies, one for each sibling of the family business.
The transaction was led by corporate tax partner Angus Bauer and corporate associates Jane Ireland and Clare Werry, who advised the Cattran family.
Cattran Trading Limited was incorporated in 2006 and was owned by the seven siblings of the Cattran family with each involved in the business and, over time, developing different strands of activity.
Cattran Trading included outlets such as the Duke Street Café, in Penzance, The Old Chapel Backpackers at Zennor and Queen Street, which offers parking to people travelling to the Isles of Scilly.
Ashfords’ goal was to separate these different businesses in a tax neutral way to enable each sibling to pursue the potential of each strand of the business.
The transaction took a total of six months to put together and involved more than 4,000 documents, which were managed by a bespoke system that has been developed in house by Ashfords.
Mr Bauer said: “Complex transactions always contain many layers and Ashfords' large multi-disciplined team has specialist expertise to assist with all aspects of these transactions including tax, corporate, property and employment issues.”