Could the North West lawyer-client relationship be more complicated? Looking at this deal, it would seem so. Addleshaw Booth & Co scooped a role as adviser to HSBC on its £10.7m injection into the management buyout (MBO) of Laybond Holdings.
Other HSBC favourites include DLA, which acted for the bank's private equity arm on the sale of its stake in CRP Group to Barclays Private Equity. Eversheds advised on HSBC's initial investment into CRP two years earlier.
Addleshaws secured a place on the Laybond transaction after HSBC, which provided senior debt on the deal, was impressed by its work for 3i on the MBO of Allied Textiles, although the firm has worked for HSBC in the past. But for David Handy, who is more well known for his work with 3i, it is the first time that he has led on a deal for the bank.
The fact that debt was provided from the North on this deal is a significant string to the bow of law firms on the other side of the Watford Gap, as the transaction was headed from London by Close Brothers Private Equity. Dickson Minto restated its place as a highly-rated debt and equity player by acting for its long-term client Close Brothers.