Addleshaw Goddard Corporate Partner Richard Lee, supported by Corporate Managing Associate Simon Wood and a team from the firm's Corporate, Banking, Tax and Share Schemes departments, is advising Cheshire-based construction and property investment / development group, Pochin's, on the proposed takeover of the company, which was announced on 12 June.

The cash offer for Pochin's, at 45p a share (with a share alternative), is being made by Middlewich, a newly incorporated company formed for the specific purpose of enabling the Cedric Pochin Concert Party, led by James Nicholson (the Property Development Director of Pochin's), to make the offer. The offer, if it were to be satisfied entirely by the cash consideration, values Pochin's at £9.4m.

As part of the deal, a portfolio of properties at Midpoint 18, Phase 1 in Middlewich, Cheshire is to be sold by Pochin's to the Irish approved retirement fund of Pochin's non-executive director and shareholder Michael Chadwick for £11.5m (subject to adjustment). This sale requires the approval of the independent shareholders of Pochin's at an extraordinary general meeting and the offer is conditional upon, among other things, that approval being obtained.

The financial adviser to the independent directors of Pochin's is Spark Advisory Partners. Hill Dickinson and BDO are advising Middlewich.

James Nicholson said: "The completion of the offer and the sale of the Midpoint Portfolio will put Pochin's on a more secure financial footing, better positioned to take advantage of improving market conditions. In what has proven to be a very difficult trading period in recent years, I've been very pleased with the loyalty, passion and commitment shown by all the team at Pochin's and would like to take this opportunity to thank each of them for their efforts. As a family, we look forward to the next stage of development of the business my grandfather founded 80 years ago."