Can hidden debt or liabilities affect the agreed price?

They can. We test the available information on debt, hire purchase commitments, tax exposures, working capital and other relevant liabilities and explain their possible effect on the proposed transaction. Any price change is for the parties to negotiate.

Do you review the sale and purchase agreement as well?

We can separately or jointly review the financial schedules and adjustment mechanisms in an SPA. Solicitors remain responsible for drafting and advising on the legal provisions.

What information do you need to begin?

We start with the proposed price, available accounts, debt and working capital information, and the buyer's main concerns. We then identify further records to request from the seller.

Is this the same as a business valuation?

A valuation addresses what a business or interest may be worth. Transaction advisory tests the proposed deal and the financial information supporting its terms. The two can be commissioned together.

When should we involve you?

Ideally before the price and terms are final. We can review the information available, identify gaps and agree the work needed before the transaction proceeds.

How do the free consultation and fixed fees work?

The first one-hour consultation is free. We use it to understand the matter and available records. If the work is suitable, we agree a fixed fee before paid analysis begins. Fees start from £1,250; the quoted amount depends on the agreed scope.

Transaction advisory

Transaction advisory
before a deal is signed.

We review the financial information behind a proposed transaction so buyers can understand value, debt and potential liabilities before committing.

AcquisitionsPrice ReviewDebt & LiabilitiesFinancial Due Diligence

Credentials

Why solicitors instruct Key Ledgers.

Independent forensic accounting and financial analysis. Where instructed to give expert evidence in civil proceedings, our primary duty is to the court.

150+Expert Witness Instructions

20+Years in Practice

FCCAFellow of ACCA

CPR 35Expert Evidence

How We Work

How does Key Ledgers approach transaction advisory?

Understand the proposed deal

We review the headline price, available financial information and the questions the buyer needs answered.

Test the financial picture

We examine debt, hire purchase commitments, tax exposures, working capital and other relevant liabilities against the seller’s information.

Explain deal implications

We identify material financial issues for the buyer and their legal and commercial advisers.

Why Key Ledgers

What makes the
critical difference.

Before committing to a purchase, a buyer may need an independent assessment of the financial information supplied by the seller and the assumptions behind the proposed price.

Price in Context

We consider how debt, working capital and identified liabilities affect the price proposed for a specific deal.

Questions for the Seller

Gaps and inconsistencies become focused financial questions before the buyer commits.

Work Alongside Lawyers

We explain financial findings so the buyer's legal advisers can consider the agreement and protections.

FCCA and Registered Auditor

Bharat Varsani is a Fellow of ACCA and a registered auditor. His forensic profile sets out his professional background.

Read Bharat's forensic profile

Expert Witness Experience

He has received more than 150 expert witness instructions involving business interruption and loss quantification, and has given evidence in High Court proceedings.

Agreed Scope and Fee

We use the free first hour to understand the issue, then quote a fixed fee before paid work begins.

Who We Work With

Who instructs us for transaction advisory?

Corporate Solicitors

A buyer needs financial questions resolved alongside legal due diligence.

Business Buyers

A proposed price needs independent financial scrutiny.

Investors

Financial information supporting a transaction needs review.

Professional Advisers

The deal team needs clear analysis of debt or working capital.

What You Receive

Clear findings for the agreed instruction.

We identify financial questions, explain the effect of relevant debt or liabilities on the proposed value and provide findings for the buyer and their advisers to consider.

Financial findings
The main issues identified in the information reviewed.
Price considerations
An explanation of how relevant debt or liabilities may affect the proposed price.
Questions for the seller
Financial points for the transaction team to pursue before completion.

Illustrative scenario

Example, not a client case

A typical financial question

A buyer agrees a headline price before reviewing the target’s debt and liabilities. Independent scrutiny can identify financial items that need explanation before the final terms are settled.

Scope and findings depend on the available evidence

Does the proposed price reflect the financial position?

Common Questions

Frequently asked questions about transaction advisory.

They can. We test the available information on debt, hire purchase commitments, tax exposures, working capital and other relevant liabilities and explain their possible effect on the proposed transaction. Any price change is for the parties to negotiate.
We can separately or jointly review the financial schedules and adjustment mechanisms in an SPA. Solicitors remain responsible for drafting and advising on the legal provisions.
We start with the proposed price, available accounts, debt and working capital information, and the buyer's main concerns. We then identify further records to request from the seller.
A valuation addresses what a business or interest may be worth. Transaction advisory tests the proposed deal and the financial information supporting its terms. The two can be commissioned together.
Ideally before the price and terms are final. We can review the information available, identify gaps and agree the work needed before the transaction proceeds.
The first one-hour consultation is free. We use it to understand the matter and available records. If the work is suitable, we agree a fixed fee before paid analysis begins. Fees start from £1,250; the quoted amount depends on the agreed scope.