Memery Crystal makes the cut for King of Shaves

Memery Crystal has won a mandate advising King of Shaves on its groundbreaking bond issuance programme.

The shaving products company is offering £5m worth of non-transferable bonds to members of the public at an annual interest rate of 6 per cent.

The company is a new client of Memery Crystal, which was also instructed when founder Will King split the branding and licensing business from the shaving business last month.

Memery Crystal shared around £50,000 in adviser fees with accountant BDO Stoy Hayward on the bond issuance, which was the first of its kind to be made available to the public online.

Corporate partner Lesley Gregory led a team that included associate David Walker and assistant ­Shantanu Sinha.

The firm also called on 4-5 Gray’s Inn Square barrister Saima Hanif to advise on the requirement to produce a prospectus for investors.

Unusually, because the bonds cannot be traded openly, there was no requirement to provide the financial information ­needed for a conventional securities issue.

Gregory said: “We researched the regulatory issues very carefully. There wasn’t a lot of financial information in [the literature], but we put in all the ­appropriate risk factors.”

King of Shaves does not have any in-house lawyers, with external counsel being instructed by the company’s directors.