Bates Wells advised FM Conway Limited on acquisition of minority interest in Toppesfield

Transaction: Bates Wells’ cross departmental M&A team has acted for FM Conway Limited (“Conway”) on its acquisition of a minority interest in Toppesfield Ltd (“Toppesfield”).


Conway is a leading independent infrastructure services company delivering vital services in transportation, the built environment and open spaces for communities and business. The company’s turnover in the financial year ending 31 March 2016 was £247.8 million. Conway is ranked number 72 in The Sunday Times Grant Thornton Top Track 250 2016.

Toppesfield is the UK’s largest independent surfacing company which provides road surfacing and associated services for clients on major projects across the UK’s strategic road networks. The company’s turnover in the financial year ending 31 May 2017 was £66.4 million.

This partnership will greatly benefit Conway’s ongoing expansion in its Aggregates and Asphalt business, as well as providing significantly more confidence in Toppesfield’s supply chain.

Michael Conway MBE, chief executive officer at Conway, said that the partnership with Toppesfield would help deliver better outcomes for both businesses’ customers:

“Toppesfield’s national reach and capacity complements our strong client base in surfacing, term maintenance, civil engineering and consultancy across London and the south of England, as well as our ongoing investment in our materials business.

“On the back of this new partnership we look forward to working to support both businesses’ clients across strategic and local frameworks to build a safe and resilient network that delivers a reliable, comfortable experience for all road users.”

Ron Woodland, Conway’s Legal Director said: “Once again we were delighted with the exceptional service from the Bates Wells corporate team, who worked tirelessly through the night, in order to complete on our latest acquisition on a very tight deadline.”

The acquisition is Bates Wells’ third M&A mandate for Conway after the company’s acquisition of United Asphalt and Berkshire Macadams Limited.

Principal Lawyers: Stephen Callender (Corporate Partner) lead the cross-departmental team which also comprised David Davies, Cordelia Sanger, Matthew Gearing and David Duhig (Corporate) Viral Kataria (Commercial), Mark Traynor (Real Estate) and Louise Rea (Employment).