Isle of Man firm Cains is preparing to establish a London office to enhance its ship and film financing businesses.
The firm’s move to London – following fellow Manx firm Simcocks’ move in October 2003 – is due to take place early next year.
Cains’ preparations take place on the back of entrepreneurial growth on the island, most of it driven by lawyers and the island’s government.
The Isle of Man has one of the world’s largest ship registration businesses, employing some 700 people. Firms such as Cains are capitalising on related work for shipowners, mainly from Norway, Germany and the Far East, including ship financing.
Aviation financing is also beginning to develop. Cains’ clients include Airbus, Cathay Pacific Airways and Virgin.
It is hoped that the London launch will also bring the firm closer to the film industry. Partner Andrew Fingret is director and legal adviser to Isle of Man Film Limited, which has assisted in the making of 64 films since 1995.
Its space-related business could also capitalise from the move. Cains corporate partner Richard Vanderplank is a non-executive director of Sea Launch ACS, a joint venture between Boeing and Russian, Norwegian and Ukranian companies to set up a floating satellite launch platform.
Several Isle of Man firms, including Cains, have changed from partnership to limited company status in recent years. Andrew Corlett, Cains managing director and president of the Isle of Man Law Society, said several other law firms on the island are considering doing the same.