Lion Cashmere Midco Ltd, London, UK
Sector: Manufacturing & Automotive
Lion Cashmere Midco owns textile giant the DMC Group which includes Sirdar Group Ltd (Tilsatec Ltd and Sirdar Holdings Ltd), Wool and the Gang and Mouliné & Co SAS (DMC SAS) as well as the Rowan brand.
The DMC Group’s main business is the manufacture and distribution of yarn and embroidery products while it also makes high quality technical yarns for cut and thermal resistant gloves. It employs more than 440 people across seven sites and its principal global sales are in Europe, the US and Asia.
Following a restructure and change in ownership in 2019, the group was faced with a reporting issue, particularly with providing a full-year comparative because the takeover was in early February 19. There was also Purchase Price Agreement (PPA) work to be carried out as well as the tax deductibility of the restructuring cost.
Kreston Global UK member firm, Kreston Reeves, was asked to do the work with Corporate Manager, Sean Rodwell, leading the team. They put together Pro-Forma 12 months’ results by consolidation 41 days result (pre-sale) and the rest of the year results so meaningful full-year results could be achieved. The PPA work was also completed and made compliant. Corporate Tax Manager, Mark Heath, provided professional advice on tax deductibility to ensure that the group could benefit from the maximum deductions available.
Kay Ahmed, (Group FC), said: “I have always found Sean and Mark to be very professional, honest, and helpful. Their advice is based on facts and is compliant with current regulations. I will not hesitate to recommend Kreston Reeves to anyone for their accounting, finance and reporting needs.”
Sean Rodwell commented: “We were very pleased to be able to help the company complete all the necessary requirements during such a major change for them. We look forward to continuing our long-term relationship with the management team and to the company’s future growth.”