Restructuring

Economic downturn, recession or credit crunch? Whatever it's called, there's no disguising the 'perfect storm' of financial pressure which tensions in the debt, equity and consumer markets have put on many businesses. We provide practical help by providing the full range of legal services needed to deliver a successful turnaround.

Our multi-disciplinary team is experienced, pragmatic and commercial. We pride ourselves on working closely with clients to identify and address key issues quickly and effectively. We also work with other specialists in the field such as turnaround professionals, accountants, debt advisors and corporate financiers to ensure the most successful outcome possible.

Areas which may require swift and cost-effective legal analysis and action include banking, corporate, employment, real estate, commercial and pensions. As required, appropriate specialists from within the firm can join a bespoke team to provide advice in those areas.

Our clients include companies and their directors, investors, lenders and turnaround professionals.

We also provide advice to:

• Purchasers of, and investors in, distressed companies, businesses and assets
• Overseas law firms and clients who may need assistance in dealing with an English company experiencing financial difficulty or the consequences of it (such as the collapse of a major supplier or customer).

Experience

£500m debt restructuring in the healthcare sector

Advised one of the UK’s largest independent care home groups on a transaction which involved the restructuring of £500m of shareholder debt, the reorganisation of the share capital structure of the group holding company, the creation and implementation of a management incentive scheme involving complex tax structuring and the establishment of a joint venture between the holding company and the founders.

£80m debt and corporate restructuring

Advised an award winning London residential apartment developer on its £80m debt restructuring. The transaction included a corporate reorganisation of the group of approximately 50 companies, and the establishment of a new LLP as a vehicle for management to hold equity in the business following the restructuring.

Sale of All Saints Retail Limited

Advised Kevin Stanford, the creative vision behind the fashion retail chain All Saints, on the sale of All Saints Retail Limited to a new company, majority owned by Lion Capital and Goode Partners.

Buy-out of T&L Limited

Acting for management (including Tom Aikens) on the buy-out of T&L Limited (in administration) by Oakley Capital.

Restructuring and refinancing in the automotive sector

Advising an automotive component manufacturer on a restructuring and refinancing which involved a re-focussing of the business entailing the sale or wind-down of certain non-core subsidiaries, a de-listing, a debt for equity swap and addressing obligations due under two defined benefit pension schemes.

Restructuring and turnaround for an environmental services group

Working with an environmental services group to secure funding for a restructuring and turnaround which involved the splitting of two divisions into separate entities, undertaking performance improvement measures and then effecting sales to separate buyers.

Refinancing, turnaround and subsequent sale of an on-line retailer

Advice to an on-line retailer of ladies fashions on a refinancing involving the companies private equity backers and banker; working with management on implementing a turnaround and advising on a subsequent sale.

Refinancing and turnaround of golfing accessory supplier

Advising the board of a golfing accessory supplier on their position following actual and anticipated breaches of covenants. Stabilising the position and assisting with the development of a new business plan. Then securing 3 year funding support from its shareholders and bankers.