Chartered Accountant & Chartered Arbitrator

Case Studies

Strength in depth



Expert Witness

Supplier to water and gas industries:  Appointed by a party to prepare an independent expert report on the value of a niche supplier of products and services to the water and gas industries.  The directors and owners of the business had fallen out and an action was being taken under S994 Companies Act 2006.

Luxury branded retail franchise:  A creditor of this luxury branded retail franchise required a valuation in an action against former administrators whom he alleged had sold the business at less than its market value.

High profile fashion retailer:  Acted as an independent expert witness for HMRC in valuing a leading high street fashion retailer for the purposes of establishing a value for capital gains tax purposes.  The case was heard before the First-tier tax tribunal

International coating and converting paper company:  Appointed by HMRC to value a major international coating and converting paper company.   The case was heard before the First-tier tax tribunal.

Family dispute over trading company:  A valuation report was prepared for the Court on behalf of a client in dispute with family members over the value of shares in a property and retail trading company.

Impact of bank’s overdraft withdrawal:  Preparation of an independent expert report for a major banking group into the financial status of a customer client and the impact, if any, on the bank’s withdrawal of its overdraft facility

Litigation in family over engineering group:  Valuation of a small family owned engineering group for the purposes of prospective litigation between the family members.

Family owned property company:  Valuation of shares in a family-owned residential property investment company to assist the court in its decision on a divorce settlement.

High street jewellery business:   Expert valuation report on the value of interests in a family owned high street jewellery business for the purposes of agreeing the value of assets in divorce proceedings.



Expert Determination

Canary Wharf property development:  The joint owners of a unique east London development site required the valuation of equity interests under an option agreement as one party intended to exercise its option to buy out the other party’s shares.  The assignment required the valuer to instruct independent property valuers and expert legal advice on unusual aspects of the property title deeds.

Calculation of equal shares after Court Order:  Under the provisions of a Court Order, Angela was appointed to calculate how the residue of an estate should be allocated, to ensure that each of the beneficiaries in the dispute received an equal share after taking into account lifetime gifts.

Shares in health services provider:  Angela determined the value of shares in a provider of health services for the purposes of fixing the price to be paid to director shareholders leaving the company.

Boutique corporate finance house:  Determination of the fair value of shares in a boutique corporate finance house where the two shareholders and main income generators were in dispute.

Disputed completion accounts:  Angela was appointed to resolve a dispute about the completion accounts prepared for the purchase of shares in a company.

Franchisee versus franchisor:  Acted as the expert to determine the value of the goodwill of a franchised mail business where the franchise agreement had been terminated and the franchisee was in dispute with the franchisor

London private members’ club:  A valuation was required of well-known and exclusive London private members’ club in a dispute between the two 50% shareholders in a battle for control.


She went about making the decision in this an entirely proper and fair-minded way. She dealt with the application with diligence.
— Mr Justice Popplewell



UN Compensation Commission:  Angela was appointed to assist the Secretariat of the United Nations Compensation Commission in the identification of appropriate valuation principles applicable to the determination of claims involving loss of intangible assets arising from the invasion and occupation of Kuwait.  She prepared a joint report with an intellectual property lawyer from the Max Planck Institute for Comparative Public Law and International Law.  In 2005, the Commission finished processing 2.7 million claims amounting to $352.5 billion (300 billion euros). It awarded compensation amounting to $52.4 billion to 1.5 million successful claimants

IT business dispute: representations to arbitrator:  Assisted foreign client in making representations to an arbitrator in a dispute between the partners in an IT business where the legally unrepresented client felt he was at a disadvantage.

Agreeing payment for goodwill:  Appointed as sole arbitrator by the President of the ICAEW in a dispute between the parties to a sale and purchase agreement as to the correct balance of the payment for goodwill.

Family dispute on disposition of an estate:  Appointed by President of the ICAEW to determine a dispute between family members on the disposition of an estate.

Dispute over earn-out clause: Appointed as sole arbitrator by the parties in a dispute concerning the final instalment of the purchase price payable under an earn-out clause.  This was an ad hoc arbitration under the Arbitration Act 1996.

Accountancy practice:  Appointed by the President of ICAEW to arbitrate a dispute between the former partners of an accountancy practice under the Arbitration Act 1996 with certain LCIA Rules.



Advice To Assist Negotiations

Methodologies for valuing people-based software servicing business:  Provision of advice on appropriate valuation methodologies in connection with a dispute about the value of a non-UK based software servicing company.  This included a commentary on valuation methodologies appropriate to a profitable people-based business with reference to examples of transactions in the market.

£450k to £800k: shareholder in engineering company:  Angela gave valuation advice to solicitors acting for a shareholder who owned 45% of a small engineering company.  This preliminary advice to the vendor on the value of her shares resulted in an increase in amount offered for the shares from £450,000 to over £800,000.

Valuation advice to a litigation expert:  A litigation expert needed personal advice on the value of a minority stake in a family-owned company specialising in highly bespoke paper products and services tailored to the needs of the creative industries.  Angela provided preliminary advice based on publicly available information indicating that the directors were significantly undervaluing the company’s shares.

Fish exporter business:  Two former employees and minority shareholders required advice in respect of the potential value of a fish trading and export business for the purposes of a mediation.  The minority shareholders felt that they had been unfairly prejudiced.  A ‘fair value’ was required but only limited information was available at that stage in the process.

Major branded greetings card business:  Valuation advice to the prospective vendor of a 50% holding in a major branded greetings card business for the purposes of negotiating the sale to the other 50% shareholder.

Interest in electrical contractor:   Valuation advice on a 20% interest in an electrical contractor.  As a result, the company’s initial offer to the client increased nearly threefold.

Early neutral evaluation:  Appointed independent expert to provide a reasoned opinion on the value, if any, of the goodwill of a used car business on the dissolution of an alleged partnership.



Commercial Valuations

Major automotive trading company buy-back:  Valuation of a significant stake in a major automotive trading company, with a £170 million turnover, for the purposes of a proposed share buy-back by the company.

Falkland Island fishing company: Valuation of shares in a joint venture company with turnover of £15 million for the purposes in assisting in negotiations between the shareholders.

Specialist tea trading business buy-back:  Valuation of two 20% stakes in this majority shareholder managed rare tea trading business for the purposes of assisting the parties negotiate a share buy-back by the company

Critical analysis of tender offer for shares:  Analytical review and critique of a proposed tender offer for shares in a publicly traded company where a director was concerned about the proposals being considered by the board of directors.



Ms Hennessey gave her evidence in a fair and straightforward manner. It is clear from her reports that her research was thorough and detailed. She set out comprehensively the facts upon which her opinion on valuation proceeded.
— Tribunal Judge J Gordon Reid QC


Tax Valuations

Restaurant group: CGT and IHT:  Valuation of a significant holding in a group of restaurants owned by a family with a strong high street presence and influence in the sector, for capital gains and inheritance tax purposes.

Director’s holding in asset management group:  Valuation of a former director’s shareholding in a major UK asset management group for the purposes of agreeing a value under the Liechtenstein Disclosure Facility.  HMRC agreed the value based on her report.


Negotiated with HMRC over property holding group:  Negotiation with HMRC on behalf of client over the value of a 30% shareholding in a property holding group with assets of £20 million, for inheritance tax purposes.

Goodwill in accountancy practice:  Valuation of the goodwill in an accountancy practice for capital gains tax purposes.  The case was heard before the First-tier tax Tribunal.


Science research laboratory:  Angela acted as an independent expert to value a science research laboratory.  The valuation report assisted HMRC in reaching an agreement with the taxpayer and avoiding lengthy litigation.

High street fashion retailer:  Acted as an independent expert on behalf of HMRC to value a well-known high street fashion retailer for the purposes of establishing a base value for capital gains tax purposes.

International coating and converting paper company:  Appointed by HMRC to value a major international coating and converting paper company.   The case was heard before the First-tier tax Tribunal.

Valuation of online broker for employee share scheme:  Valuation of minority holdings in an online insurance broker with over 450,000 customers for the purposes of agreeing values with HMRC under an employee share scheme.

Valuation of menswear business for management incentive scheme:   Valuation of small minority equity stakes in one of Britain’s leading menswear designer businesses, with a turnover in excess of £150 million, for the purposes of a management incentive scheme.


Valuation of property company for share buy-back:  Valuation of shareholdings in a family-owned property company with net assets of over £170 million for the purpose of a share buy-back.


Jersey-based property company:  Periodic valuation of shares held by a trust in a Jersey-based property company for the purposes of the 10-year anniversary charge under Inheritance Tax rules (Inheritance Tax Act 1984).

Fund management services company’s share transfer:  Valuation of shares in a company providing investment and fund management services for the purposes of assessing the potential tax liability that would arise on the transfer of the shares to a related company.