Reygar: Building Acquisition Readiness and Maximising Exit Value

The Final Chapter

We begin with the final chapter of Reygar’s acquisition story, because the outcome reveals what the narrative was ultimately leading to - a sale proposition that looked fundamentally different from the initial view of the business.

Newton's Theory and Reygar flipped the narrative to focus on scalability, growth opportunities, and existing customer relationships that opened the door to further expansion. This allowed for the numbers, strategy, and commercial vision to be brought together into a cohesive plan that demonstrated full potential and maximised value at exit.

This approach showed that having “all the numbers” is not enough. How those numbers are presented, explained, and connected to a growth story can make a material difference to valuation and outcomes. 

By combining financial rigour, commercial insight, and clear storytelling, Reygar was positioned to achieve a stronger, more confident exit and was successfully acquired by AST Networks in April 2024.

Financial Clarity

As Reygar prepared for exit, the focus was not just on preparing accurate and comprehensive financial information. In addition to producing management accounts and budgets focused on due diligence, we reworked the financials to truly understand trends and performance over time. Management Accounts for example were not just ‘business as usual reports’. They were designed to support decision-making, highlight trends, and tell the story behind the numbers. 

A similiar approach was taken when it came to forecasting. We helped Reygar present the information they already had in a format that allowed them to clearly see a path to scalable growth. This made it easier for the business to understand where value was being created and how that value could be scaled.

Business As Usual

One of the key challenges many businesses face when exiting is running out of cash at the wrong time, leaving them in a weak negotiating position. A significant focus was placed on ensuring the business had enough cash to continue operation comfortably throughout the exit process, without being forced into accepting any offer simply due to cash pressure.

Alongside this, we made commercial recommendations and suggested changes to business processes to maximise cash runway as the business moved towards exit. This included mapping out their routes to exit and recommending changes to payment terms to accelerate cash inflows. 

Commercial Insight

Beyond the numbers, we provided high-level commercial advice to position Reygar optimally for acquisition negotiations. This was not about replacing the existing team, who had a strong understanding of the business, but about bridging the gap and bringing an additional layer of experience to shape how the story was told. 

By stepping in, we also reduced pressure on internal resources, allowing directors and commercial teams to stay focused on customers, relationships, and revenue generation rather than being pulled into detailed financial work.

The outcome was a clear, transparent, and well-presented financial picture that showed the business honestly, while still positioning it attractively. Information was shared carefully and progressively, maintaining confidentiality and ensuring that the business remained in control throughout the diligence process.

“Many thanks to Amy, Luba and Hannah at Newton's Theory for their dedication and professionalism supporting Reygar to close its acquisition by AST Networks in April 2024. They brought the necessary financial expertise that we did not have in-house to navigate the acquisition process, taking a huge load off the Directors of Reygar. They provided valuable strategic commercial advice prior to acquisition, and led the preparation of all company financial information including management accounts, budgets, forecasts for acquisition due diligence. The team was approachable, cooperative and flexible throughout. Thanks to Amy and the team!”

Chris Huxley-Reynard & Felix Francis, Founders of Reygar