Going that extra mile

The relationship between a business and its accountant should be built on trust, commitment and support, and this certainly has been the case between the Venture Group and Haines Watts.

Founder of Venture Dairy Services (VDS), Tim Horwood, started the business over 35 years ago. VDS provides equipment and consumables for the dairy industry. The company is based in Holsworthy and covers Cornwall and most of Devon, fitting and servicing rotary milking parlours and operating a 24-hour call-out service.

Over the years, the business grew. In 2008, they formed a separate company to take over the Lely franchise as the sole Devon and Cornwall distributor for Lely, which specialised in robotic milking parlours.

Both businesses continued to grow and in 2017, Sally Reed took over as the Haines Watts account manager. Sally’s initial focus was to help Tim with the succession planning for the business, including advising on the purchase of shares back from a shareholder who had been involved in the original partnership and admitting a new shareholder. Haines Watts also provided routine tax and accounting services for both businesses and handled the payroll.

There, when needed most

Sadly, Tim passed away unexpectedly in 2021. His wife, Norma, who provided admin support for both businesses, faced the impossible challenge of keeping the companies going while coming to terms with losing her husband.

Sally and the Haines Watts team provided Norma with a 1-2-1 level of support during this challenging period. Having initially tried to structure a management buyout of the businesses, which wasn’t successful, Norma was keen that Tim’s dairy services legacy should carry on and that the 54 employees’ jobs should be protected.

The decision was made to sell both businesses. This resulted in lengthy and complex discussions covering all the tax and accounting matters affecting the sale of the companies. The buyer of VDS was a German based company, which added further financial and legal complications to the process.

Sally and the team worked closely with Norma to guide her through the process. Haines Watts also handled the probate for Tim’s estate, and through Tilney for Haines Watts, a separate wealth management business associated with Haines Watts, they were able to provide financial advice to Norma.

Norma found it to be hugely beneficial to have all the corporate, tax, accounting and personal financial services available from one place, which made it easier for her to manage the situation.

Above and beyond

Sally and the Haines Watt’s team have provided incredible support for me, going above and beyond to help sell the two businesses. They met every demand and deadline with professionalism and dedication. Sally stood in on meetings on my behalf and constantly pushed forward to achieve the final goal, where I could finally step away from a very upsetting and stressful situation. I will forever be grateful to Sally and the whole Haines Watts team for what they have done for me. - Norma

Aiming for a life less stressful

Having come to the end of a very unexpected and traumatic period of her life, Norma is finally spending more time with her family and taking time out for herself.