What were the challenges?
Lightfoot manufactures driver improvement technology that makes vehicles greener, safer and cheaper by helping to maximise engine efficiency. To enable Lightfoot’s continued growth in the commercial market, and to facilitate its expansion into the private motorist sector, it was decided to spin out the business from its parent.
How did we overcome these challenges?
We advised management on the successful separation of the Lightfoot business, providing commercial, legal and tax insights to create a standalone company that was optimally structured to support the growth aspirations. We were then tasked with supplying the new entity with cloud accounting services and tax and PAYE advice, before being appointed as the company’s auditors.
What impact did we have?
We are working closely with Lightfoot to support it at every step of its growth journey: we are helping the company to source financing for research and development and other investment opportunities; we have facilitated the use of the tax-efficient EIS Enterprise investment scheme, and provided VAT advice on the business’s expansion into new premises. Lightfoot’s Finance Director, Jeremy Ellison, said: “As we rapidly grow, take on new challenges and open new markets, we can do so with the confidence that the team at PKF has the knowledge, expertise and strength in depth to support us across all our financial and business requirements.”