THP helped us become more tax efficient and assisted with turning us from a Partnership into a Limited Company
Who are Mercer & Hughes?
Mercer & Hughes provide a friendly, community veterinary service across 3 surgeries. Since the partnership was created over 40 years ago, Mercer & Hughes approachable business has made them a firm favourite with farmers and pet owners.
What did they need?
THP’s involvement with Mercer & Hughes goes back to 1985 when the two partner firm started to look ahead to the progression of the business.
Starting initially with supporting services such as partnership accounts, VAT returns and payroll, they later required support in switching the company from a partnership to a limited company.
How did we help?
“THP’s Adrian Hart was the main instigator to turn us from a partnership into a limited company”, recalls Stephen Flood, practice partner. “It allowed Mercer & Hughes to become more tax efficient, and to assign different classes of shares to all partners as they became directors.”
Becoming a limited company also made it simpler for the new directors to buy original partners Bob and Peter’s interest in the firm in the lead-up to their retirements. “Adrian gave us a lot of help during this period”, say Stephen. “Bob and Peter left in 2006, but still retained a significant proportion of the business. Over the next few years, we gradually bought their remaining shares until we finally bought out the whole business two years ago. Adrian has also been heavily involved in helping us plan our own retirements.”