Our valuation specialists assist solicitors, companies, shareholders and individuals where the value of a business, ownership interest or intangible asset is contested.
When is this valuation required?
- Shareholder and unfair prejudice disputes where shares must be valued.
- Breach of warranty and other transaction disputes about what a business was worth.
- Professional negligence claims involving business or investment value.
- Partnership disputes, dissolutions and departures.
- Contentious probate involving private company shares.
- Claims for loss of business value and other valuation-based damages.
Who instructs us?
- Commercial litigation and dispute resolution solicitors
- Barristers and arbitration counsel, through instructing solicitors
- Companies, shareholders and individuals involved in disputes
What exactly is valued?
Private companies and groups, minority and controlling shareholdings, partnership and LLP interests, and intangible assets, at the date or dates relevant to the claim, which may be historic. We also assess changes in business value, such as the difference between value as warranted and value as it actually was.
How is value assessed?
We apply the valuation approaches appropriate to the business and the question asked, consistent with the basis of value relevant to the claim. Our evidence explains the range of reasonable opinion where it exists, the reasons for our conclusion, and how the result changes if different assumptions are adopted.
How the approaches are usually weighed
Typical
- IncomeMaintainable earnings or discounted cash flowUsual starting point
- MarketComparable transactions and companiesCross-check
- AssetAdjusted net assetsWhere relevant
Expert roles we accept
The role determines how we work, but in each case our overriding duty is to the court or tribunal, not to the party paying our fees.
- Party-appointed expert, instructed by one side and owing a duty to the court
- Single Joint Expert, instructed jointly by the parties
- Advisory or shadow expert, assisting a legal team without giving evidence
- Reviewer of another expert's valuation report
Instructions, assumptions and disputed facts
Most valuation disputes involve disagreements about facts, such as whether a contract would have been renewed or what a party knew at the valuation date. It is not the expert's role to decide those facts. Where they are disputed, we set out the valuation consequences of each version, so the court can apply its findings. Clear instructions from solicitors on the issues, dates and bases of value make the evidence more useful.
Reviewing opposing expert reports
We review the other side's valuation evidence to identify where the experts agree, where they differ and why: differences in information, assumptions, method or arithmetic. Isolating the real drivers of a difference is often the most useful thing an expert can do for the court and the parties.
Expert meetings, joint statements and hearings
Where directed, we meet the opposing expert to narrow the issues and prepare a joint statement setting out what is agreed and disagreed, with reasons. Where the case proceeds to trial or an arbitration hearing, we attend to give oral evidence and be cross-examined, subject to availability confirmed when the timetable is set.
What factors influence the result?
- Valuation date
- Often historic, requiring care to exclude hindsight where the law requires it.
- Basis of value
- Market value, fair value under contract, or a basis the court directs.
- Disputed facts
- Addressed through alternative scenarios.
- Information gaps
- Records may be incomplete, and assumptions must be stated.
- Procedural rules
- CPR Part 35 and its practice direction, or the rules of the tribunal concerned.
What information is required?
- The letter of instruction setting out issues, dates and questions
- Pleadings and relevant witness statements
- Company accounts, records and constitutional documents
- Transaction documents for warranty and acquisition disputes
- The opposing expert's report, where one exists
We send a tailored information request once the scope is agreed.
What report will you receive?
Our reports comply with the applicable procedural requirements. In civil proceedings in England and Wales, that means CPR Part 35 and its practice direction, including the statement of the expert's duty to the court, the substance of instructions, the material relied on and a statement of truth.
See types of business valuation reports for how the scope of each type differs.
Timing and cost
How long will it take?
Court and tribunal timetables drive the work. We confirm availability for key dates, including any hearing, before accepting the instruction.
How much does it cost?
Fees reflect the complexity of the valuation issues, the volume of documents, and the stages required, such as report, joint statement and trial. We provide a phased estimate before starting. Our fees never depend on the outcome of the case.
How our fees are set →Frequently asked questions
What does a business valuation expert witness do?
Provides an independent opinion on the value of a business, shareholding or intangible asset for the court or tribunal, explains the reasoning, and can be questioned on it.
Who does the expert owe their duty to?
To the court or tribunal. That duty overrides any obligation to the party who instructs and pays the expert.
What happens when two experts disagree?
They are often directed to meet and prepare a joint statement identifying the agreed points and the reasons for any remaining differences. The court then decides the disputed issues.
Can you value a business at a date in the past?
Yes. Historic valuation dates are common in disputes. We use the information that was known or knowable at the date, where that is the correct legal approach.
Do you act in arbitration?
Yes, as an expert witness in arbitration and other dispute resolution processes, subject to conflicts and the tribunal's procedural requirements.
Can you help before proceedings start?
Yes. An early advisory view of value can help assess the merits of a claim or settlement offers, in a role kept separate from any later expert witness appointment.
