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Addleshaw Booth & Co corporate finance partner Mike McGrath is leaving the firm to join Pinsent Curtis Biddle's Manchester office, marking the office's latest lateral hire
McGrath, a salaried partner, has been at Addleshaws since 1993. He has recently been on secondment at Addleshaws' London office to help strenghten its corportate finance team. He has also spent four months on secondment at US firm Kilpatrick Stockton, Addleshaws' best friend in Atlanta, working on international coporate work. The news follows that of the departure of two other corporate finance partners, although not to rival firms. Equity partner Tim Wheldon resigned in December 2001 to join Addleshaws' client Malcolm Healey. He remains at Addleshaws as a consultant. Mark Warburton also left the firm at the end of January to join his client, entrepreneur Paul Davidson, at his new venture, Galileo Innovation. McGrath acts extensively for Speedy Hire (formerly Allen plc). The Lancashire-based client, currently valued at £142m, has been highly successful recently, disposing of its excess businesses and focusing on tool hire. In January, Speedy Hire acquired Jewson's tool hire operations for £13.5m, led by McGrath. Pinsents' banking department acted on the same deal, advising Barclays Bank. Pinsents also acted for Speedy Hire on the corporate side. In November 2001, Addleshaws also acted for the company on the £12.9m disposal of Ryan Utility Services to Alfred McAlpine Support Services and Investment. The loss of the three partners takes the number of corporate finance partners at Addleshaws to 21 - three in the London office and the rest spread across Manchester and Leeds.