Fladgate Fielder has completed its biggest City deal by advising Regal Hotels on acquiring 60 hotels from Forte for £122 million.
The transaction, completed last week, is the high point of an impressive foray into corporate finance which Fladgates launched three years ago.
The firm has boosted corporate work fee income from £950,000 to nearly £2.3 million, a figure expected to go up by another 21 per cent in 1996-7.
Nicholas Greenstone, who joined Fladgates from Olswang in 1994, has been responsible for beefing up the corporate team, which includes Anthony Vaughan who came on board from Watson Farley & Williams last February.
Greenstone said: “The firm's 260-year history has been marked by an emphasis on private clients. Although, this side is still important, the corporate division has steadily grown in size. We now account for about 25 per cent of fee income compared with 15 per cent a few years ago. Private client business accounts for 8 per cent.”
Fladgates targets small to medium-sized companies with a turnover of about £100 million. The firm also has a number of foreign desks at its West End office to drum up overseas business.
Greenstone said Fladgates is advising an Israeli company which is shortly to seek a listing on AIM, the smaller companies market within the London Stock Exchange.
“Foreign clients are important to us, we aim to have 25 per cent of corporate business from abroad,” said Greenstone.
Also involved in the Regal deal was Freshfields, which acted for Salomon Brothers, which furnished £80 million of Eurobond debt. Lovell White Durrant and Paisner & Co acted for Granada and Forte. Goul-dens acted for Regal financial adviser Guinness Mahon.