Hakkasan

Hakkasan is a name that has food critics reaching for their superlatives. Launched in 2001 by Wagamama founder Alan Yau, the London eaterie was the first Chinese restaurant in the UK to receive a Michelin star and is consistently rated among the world’s best dining experiences.

Now the name is set to spread around the world, with the 2008 sale of Hakkasan and a second Yau London restaurant, Yauatcha, to Tasameem, the property arm of the Abu Dhabi Investment Authority, for $US60 million, with Mr Yau taking on the role of chief executive to oversee the expansion of the Hakkasan and Yauatcha brands abroad.

Complex issues are at stake in the sale of any business, and even more so when it’s already thriving and ripe for further growth.

So when preparation for the sale began early in 2007, majority Hakkasan shareholder Sami Wasif asked TWP Accounting LLP’s Managing Partner Philip Munk and Tax Partner Andrew Goddon to come on board, to lend their respective corporate finance and tax expertise to the process, as well as advising on operational issues to enhance the saleability of a business that was attracting interest from several sources.

Over the course of the year, Philip became closely involved in the business, attending board meetings and helping to prepare it for sale in what he modestly describes as a “quasi-finance director role”.

Mr Wasif stresses that Philip’s contribution was far more significant than that implies, saying: “He played a vital role, effectively becoming a member of the board, helping and advising us in terms of stabilising our financial position. Whatever he advised, the board were happy to accept.”

With Tamaseem emerging as the buyer of choice from three potential suitors, Philip worked alongside Hakkasan’s auditors and accountants, Deloitte, and lawyers SJ Berwin on issues including due diligence, whilst Andrew played a pivotal role in the structuring of the sale by providing expert advice to create a favourable tax structure for the sale for shareholders.

Mr Wasif said: “When a multi-million pound transaction is involved, it’s essential that every aspect of the deal is handled in the right way, by the right people, to deliver the right result.

“Knowing that Philip and Andrew were part of the team gave me real confidence that we would achieve the right result and their expertise and experience were crucial to bringing the sale to a successful conclusion.”

The Hakkasan deal also saw Philip build a successful working relationship with Alan Yau, based on delivering proactive, productive solutions, and he is now currently advising the restaurateur on a new project.