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Niche Stoke-on-Trent firm Heatons is cementing its relationship with retail giant Baugur after winning its third instruction from the Icelandic company, this time to advise on the £110m acquisition of UK jewellery retailer Goldsmiths.
The corporate and commercial firm scooped its first job for Baugur last November, when it swooped on Allen & Overy’s (A&O) former client to act on the purchase of high street clothing retailer Oasis.
Last November, Heatons advised Baugur on its £14m acquisition of UK foods group Julian Graves. The firm was introduced to Baugur by the Birmingham office of KPMG Corporate Finance in March 2003, when the firm was invited to advise the retailer on its £10m equity investment in LXB, a property company backed by HBOS and West Coast Capital.
The Goldsmiths deal, concluded last Wednesday morning (12 May), represents a major boon for the firm, as Baugur continues its acquisitive march across the UK retail market. Corporate partner David Beech led the team for Heatons.
The Oasis and Julian Graves deals aside, the Icelandic company has also snapped up iconic toy retailer Hamleys and bought stakes in House of Fraser, Big Food Group, Somerfield and JVB Sports.
Historically, A&O had an exclusive relationship with Baugur, with the magic circle firm advising the retailer on the private buyout of Hamleys.
A&O continues to advise Baugur mostly on financing and share procurment.
Eversheds, led by partner Michael Seabrook, advised Goldsmiths, while Macfarlanes advised private equity house Alchemy as vendor.
DLA represented the Royal Bank of Scotland and Memery Crystal acted for Landsbanki Islands, the mezzanine lender.