Manchester firm Turner Parkinson is reaping the benefits of a business network system which matches potential buyers and sellers of companies.
Launched under the banner “tp deals”, the firm produces on a quarterly basis a list of acquisition, sales and funding opportunities which it sends out to about 10,000 companies in an attempt to matchmake a deal.
At present the firm is working on a dozen potential deals and has completed four since the initiative was launched nine months ago.
For example, in the latest edition of the list, the firm is attempting to match a “nationwide alcoholic beverages brands bottling marketing and distribution business” which is looking to acquire a like-minded business. Or in terms of financing, the initiative attempts to find funding for small internet businesses.
Richard Parkinson, senior partner at Turner Parkinson, says: “Other firms will lunch people and try and win [work] that way.”
He says that the firm prefers a different approach to searching for business. “When we went round to our contacts, we would find out what sort of work they had been doing for the banks and it was born out of that.”
Under the initiative, there is no written contract that the firm will automatically be used. Richardson says: “There is no formal agreement but so far no one has pulled out on us.”
Richardson says that in every case where a company is acquired, merged or gains funding through the networking system, work has been referred to Turner Parkinson from the accountants working on the deal.
While the initiative is focused on small to medium enterprises, Richardson says the firm services companies with a turnover of more than £2bn as well as the “cornershop with attitude”.
Turner Parkinson, set up by three local lawyers in 1997, specialises in commercial and intellectual property but also offers employment and construction advice.