PKF Francis Clark supports Decorum Vending on acquisition of PG Group Vending

PKF Francis Clark has advised Decorum Vending on its multi-million pound acquisition of the trade of PG Group Vending, strengthening its position in the UK vending and refreshment services market.

Our corporate finance team provided financial and tax due diligence on PG Group Vending, alongside group cashflow modelling to support the transaction and underpin investment decision-making.

Decorum Vending, headquartered in Hampshire, operates approximately 1,000 vending machines, primarily across the UK rail network. It was acquired by JRE Business Development UK, a subsidiary of East Japan Railway Company, in 2024.

The acquisition of the trade of Surrey-headquartered PG Group Vending, which operates approximately 800 units at major UK airports, represents a significant milestone in Decorum’s growth journey.

Our team comprised Matt Pearce, Will Sargent and Callum West (finance and tax due diligence) and Nick Woodmansey (valuations).

Matt Pearce, corporate finance associate director at PKF Francis Clark, said: “We are delighted to have supported Decorum Vending on this important acquisition, continuing our longstanding relationship. Our commercially focused due diligence delivered clarity on key financial drivers, while our modelling services helped provide confidence in key valuation assumptions.

“This acquisition is an exciting step forward in delivering on Decorum Vending’s growth strategy, and we look forward to supporting them as they continue to cement themselves as the market leading vending operators to the transport sector.”

The acquisition brings together two highly complementary businesses and creates the largest transport-focused vending estate in the UK, serving some of the country’s busiest and most recognisable locations.

Owen Baker, M&A director at Decorum Vending, said: “This acquisition marks a significant milestone for Decorum Vending and JR East (East Japan Railway Company), representing an exciting step in our long term growth strategy.

“This transaction was not achieved by one organisation alone, and I would like to extend my sincere thanks to everyone involved. In particular, I would like to thank Matt and the team at PKF Francis Clark for their invaluable financial and tax advice throughout the process.

“The professionalism, dedication and collaboration shown throughout the process have been outstanding and we are incredibly grateful to everyone who contributed to making this transaction a success. We look forward to the opportunities ahead as we continue to build the UK’s leading transport focused vending business.”

Decorum Vending was supported on legals by Paul Longland, Zoe Watson, James Privett, Patsy Whitford and Chris Dobbs at Frettens Solicitors.

Find out more about our due diligence and transaction support services.