Happy ever after – The tale of Vicky Jackson, Nomads Clothing and Condy Mathias
After 30 years as directors of their own business, Vicky Jackson and her husband decided to sell their company, Nomads Clothing, with the help of Condy Mathias.
As director of a clothing brand, Vicky oversaw the design of her products at their headquarters in the UK. The products themselves were then imported from manufacturers in India and distributed nationwide.
The business has continued to succeed in the wholesale clothing and footwear industry, under new management, since Vicky retired.
Vicky decided to sell the business after Covid-19 rearranged her priorities. She said: “During the pandemic it really came to a head, and we realised we were ready to retire. Retirement looked great.”
However, before engaging with Condy Mathias to sell their company, Nomad Clothing had a long-standing relationship with the firm. She said: “We used them for our annual tax returns, and they were available year-round if we ever needed advice.”
In the early stages of their business, Condy Mathias analysed Vicky’s financial situation to develop a tax plan and ensure that her business was tax efficient. This included transitioning from a limited company to a partnership.
Vicky then engaged Condy Mathias’ financial planning skills to get ready for retirement and said: “We probably should have used Condy Mathias more. Especially, in managing our accounts.”
She said she chose Condy Mathias because “at the time, face-to-face interaction with your accountant was far more important than it is now. Condy Mathias were local and that was a key factor in our relationship with them.”
Despite the changes to face-to-face accounting, Vicky continued to use Condy Mathias right until she retired.
She said: “Selling a business is a difficult process. Condy Mathias were great at dealing with the due diligence issues and reading over our bits of the contract.”
Condy Mathias guided Vicky and her husband through the process of selling their assets in the company and ensuring there was a smooth transition between the two parties involved.
This was the most significant piece of accounting that Condy Mathias performed for Vicky and her company, and she appreciated the fact that one of the chief accountants would even sit in on meetings between herself and the buyers.
“Just having someone join us in some of the meetings to check over what was being said was incredibly helpful. It felt good to know we had Condy Mathias on board, throughout the sale.”
The personal nature with which Condy Mathias conduct their business was a fundamental factor in Vicky’s choice to maintain her relationship with them.
Despite selling her business, Vicky would still recommend Condy Mathias to other managers and directors in her field, especially if they are considering business exit strategies.