Chelsfield management brings in A&O for MBO

Allen & Overy has been brought in alongside regular adviser SJ Berwin to advise the management team of Chelsfield on a possible management buyout (MBO) that could be worth up to £2bn.
The property company has traditionally used Ashurst Morris Crisp and SJ Berwin as its regular advisers. A&O has not previously advised on any major transactions.
Chelsfield chairman Elliot Bernerd, who is leading the management team, said that A&O corporate partner Alison Beardsley had been brought in to provide advice to the management team on "financing issues".
Ashursts corporate partner David Kershaw is leading a team advising the company on the MBO. Corporate finance partner Robert Burrow is leading the SJ Berwin team. Details of a possible bid are expected to be
decided over the next few weeks.
HBOS is leading a group of banks, which includes Barclays and Bank of Scotland, which are working on a debt package on the planned MBO, thought to be around £1.5bn.
Because of Chelsfield's interests in major developments, including Paddington Basin and White City, a host of other firms have also got a minor involvement in the deal.