Significant investment

Legal Posted 16/11/18
Charles Russell Speechlys has advised the management team of TrustedHousesitters on a significant investment into the company by private equity firm Rockpool Investments to support a management buyout.

The investment sees Rockpool retain a major stake in the business, with the current TrustedHousesitters executive team continuing to run the business and founders, Andy Peck and Rachel Martin being appointed as non-executive directors

Founded in 2010, TrustedHousesitters which is based in Brighton is the world’s largest house and pet sitting community operating in over 130 countries. Since launch, the platform has facilitated more than two million nights of house sitting, saving its members over GBP170 million in accommodation and pet care costs.

The investment follows a period of unprecedented growth for TrustedHousesitters, which is operating in a growing pet services industry, estimated to be worth USD 180 billion globally. This year TrustedHousesitters launched their first commercial partnership with low cost carrier easyJet and has continued its expansion across the USA and Australia. As part of its ongoing investment in technology, TrustedHousesitters launched an iOS app in June which has had over 20,000 downloads to date. This success has enabled the company to double from 25 to 50 staff in 12 months, recently moving into their fifth new premises in Brighton, with their sights set on an ambitious growth plan now the inward investment is secured.

The Charles Russell Speechlys deal team was a collaboration between its London and Guildford-based corporate lawyers. The team was led by corporate senior associate, Rebecca Burford and corporate partner, Richard Coleman and included corporate associates Samuel Milne, Matthew Carter and Sydney Lee, with Becky Lawton advising on employment and Andrew Priestley advising on tax.

Tim Lyons, CEO, TrustedHousesitters said: “Rebecca, Richard and their teams represented the management in this transaction and we were incredibly impressed with their support. Through exceptional diligence and specialist advice, they helped us to progress into this next stage of our business with Rockpool as an investor, all the while being thoroughly great people to work with.

“This is an exciting development in the TrustedHousesitters journey. We solve the problems of pet owners worldwide who want their pets to have the best care when they can’t be there and, with Rockpool’s support, everyone on the Board is excited about the prospect of taking the TrustedHousesitters solution to the next level. We would, of course, recommend Rebecca, Richard and team at Charles Russell Speechlys to any business looking for representation in an investment or sale process.”

Rebecca Burford, corporate senior associate at Charles Russell Speechlys adds: “It was an absolute pleasure to assist Tim and the team on this management buyout. We look forward to working with the team as they take TrustedHousesitters to the next stage of growth supported by this investment.”

Pictured: Rebecca Burford

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