The sale of Elton John's management company Twenty-First Artists to the Sanctuary Group became a partner reunion for the defunct London firm Frere Cholmeley Bischoff.
Eversheds advised the Twenty-First Artists shareholders Elton John, his manager Frank Presland and tour director Keith Bradley. Sanctuary's longstanding adviser Ian Rosenblatt acted for the record company.
Eversheds' instruction came to partner Bruce Gripton through Presland. The two were both partners at Frere Cholmeley, which was taken over by Eversheds in 1998. The firm advised Sir Elton for more than two decades and Presland was Elton's litigation adviser for many years.
Sanctuary acquired the company for £16m, funded through a mixture of cash and the issue of new Sanctuary shares. Sir Elton held around 60 per cent of shares in Twenty-First Artists. Presland, Bradley and retired shareholder Derek Mackillop each held around 14 per cent. Presland and Bradley have both signed five-year employment contracts with Sanctuary and will continue to work with Sir Elton.
Twenty-First Artists has acted as manager to recording artists including Jamiroquai and Mis-Teeq, while Sanctuary manages a range of talent including Beyonce, Kelis, Manic Street Preachers, Jane's Addiction and Russell Watson.