The client
DWM is a specialist in direct sales within the UK utility switching market. Founded in 2015 and headquartered in Birmingham, the Group operates a nationwide field force of around 500 agents, delivering customer acquisition campaigns for leading energy suppliers and broadband providers.
DWM transitioned to employee ownership in 2025, with its shares acquired by an Employee Ownership Trust (EOT) for the benefit of all employees.
What we did
K3 Deal Advisory advised the DWM management team and EOT trustees on refinancing the vendor loan notes put in place when the business was sold to its EOT.
The transaction raised seven figures of new debt from a leading high street lender, replacing the outstanding loan notes and enabling the former shareholders to receive their consideration in full.
The transaction was led by Scott Peters, Managing Director, alongside Duncan Moore, Associate Director, and Sebastian Smith, Analyst. K3 Advantage completed the financial due diligence report in support of the transaction.
The outcome
The refinancing allows the former shareholders to realise the full value of their exit rather than waiting for repayment over time from trading profits.
For DWM, it replaces the vendor loan notes with a conventional bank facility, providing a clean capital structure under employee ownership and allowing the management team and trustees to focus on the Group’s continued growth.
This facility was an important step in the business’s next phase of growth, allowing us to move forward under employee ownership. Seb and the K3DA team understood what was needed, guided us through the unique complexities that come with employee-owned businesses and delivered an excellent solution for everyone involved.
Jason Frayne, Director, DWM
We are pleased to have supported the DWM team on this transaction and secured an appropriate funding solution that allowed the former shareholders to realise the full value of their exit. It was a strong outcome for everyone involved.
Sebastian Smith, Analyst, K3 Deal Advisory
This transaction demonstrates the breadth of K3 Deal Advisory’s capital advisory capability. Our team has extensive experience in structuring and placing funding across a wide range of scenarios, and our understanding of EOT structures meant we were well placed to navigate the technical complexities involved in refinancing the vendor loan notes.
It is a good example of the team working together to deliver the right outcome for all parties.
Scott Peters, Managing Director, K3 Deal Advisory
