In a rare feat in the franchise world, Liberty Tax Service closed its SPAC deal July 2 when it merged with a special purchase acquisition company to become part of NextPoint Financial, along with new sister company LoanMe. The deal closed amid an ongoing lawsuit filed by Liberty Tax against its founder, John Hewitt.
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Liberty Tax Service franchisees will be able, but not required, to offer consumer and business loans in addition to tax preparation services if its $243-million merger with NextPoint Acquisition Corp. closes by mid-June, as CEO Brent Turner expects.
Liberty Tax Service is suing its founder, John Hewitt, his holding company Loyalty Brands and the new tax prep franchise he acquired, ATAX, alleging a "wide-ranging and ongoing scheme to unfairly compete against Liberty.” Hewitt called the allegations "a pack full of lies."