Taylor Walton LLP, a substantial law firm covering the South East region, has advised its long-standing client, Stapleton’s (Tyre Services) Ltd. on the acquisition of 56 Central Tyre stores from Pirelli UK Ltd.
 
Partner-led teams from the Luton office of Taylor Walton, headed by Jeremy Brockis (Corporate),  Dermot  Carey  and  Angela  Thomas  (Property),  and  Heather  Cowley (Employment),  acted  for  Stapleton's  (Tyre  Services)  Ltd.  in  connection  with  the transaction. Continuing work is ongoing in the run-up to completion whilst a TUPE consultation process is undertaken and various landlords' consents are sought. 
 
The  deal,  for  which  a  value  will  be  finalised  when  the  transfer  of  Central Tyre properties  is  completed,  sees  the  tyre  retailer  and  distributor  expand  its  retail operation  from  45  stores  to  101  throughout  the  UK  and  its  workforce  by approximately 300 employees to over 1,000 tyre industry professionals. 
 
Letchworth-based  Stapleton's  is  a  subsidiary of  Japan's  Itochu Corporation, which has an annual turnover of $110 billion. Taylor Walton has acted for Stapleton's for several years in relation to employment and litigation matters, but this was the first time that it had acted for Stapleton's on a major corporate transaction. 
 
Stapleton’s Finance Director Taro Ikeba said: 
  
"This acquisition has significantly increased Stapleton's market share of the retail tyre market and it is now the fourth-largest player in the sector. Taylor Walton's assistance in this process proved invaluable in bringing together a complex
transaction in a way that is mutually satisfactory to both Stapleton's and the vendor.The stakeholders of both the vendor and Stapleton's include multinational corporates with different regulatory requirements and agendas. Taylor Walton consistently came up with creative solutions to complex issues. Not only did the
Taylor Walton team produce the legal documentation and reports in an efficient and user-friendly manner, they also provided commercial and tailored advice to see the transaction through in a challenging environment."