Ashurst, Dundas & Wilson, Macfarlanes, McGrigors, Memery Crystal and SJ Berwin all won roles advising on the acquisition of the Garden Centre Group from Lloyds Banking Group by Guy Hands’ private equity house Terra Firma Capital Partners.
SJ Berwin corporate finance partner Ed Harris led for Terra Firma on the £276m deal alongside finance partner Ian Borman, real estate partner William Boss and corporate associate Leanne Moezi.
Glasgow-based McGrigors corporate partner Barry McCaig advised sellers Bank of Scotland and West Coast Capital on the corporate transaction and debt restructuring.
Scottish-headquartered rival Dundas & Wilson advised the sellers in their capacity as mortgage lenders, fielding a team understood to have included debt, restructuring and recovery partner Caryn Penley and senior associate Dawn Reoch.
Real estate partner Eugene O’Keeffe at Memery Crystal advised the Garden Centre on property matters, with the company selecting 33 of its 133 properties for Memery Crystal to submit certificates of title to SJ Berwin.
Memery Crystal has a longstanding relationship with the Garden Centre and handles its real estate portfolio, with O’Keeffe advising it on the acquisition of 12 new stores from Country Homes and Gardens last year.
The Garden Centre’s law firm instructions are generally made by CEO Nicholas Marshall, who was put in the role by the Bank of Scotland and has been in the position since 2008.
Firms the company has instructed in the past include McGrigors, Memery Crystal, Addleshaw Goddard, Cheltenham firm BPE Solicitors and a number of small local firms.
Macfarlanes corporate partner Ian Martin acted for the management of the Garden Centre following an introduction last July.
Ashurst finance partners Helen Burton and Mark Vickers acted for the Terra Firma’s lenders, which consisted of a banking consortium of Lloyds, Barclays Bank and the Co-operative Bank. Associate Ross Ollerhead was closely involved advising on the deal.
Ashurst has developed strong ties to Lloyds, with the firm seconding a three-lawyer team led by finance partner and ex-RBS restructuring head Lee Doyle to the bank for four months last year (16 May 2011).
Terra Firma was a latecomer in the bidding for the Garden Centre, with CCMP Capital Advisors, the other bidder, understood to not have instructed outside lawyers.
Readers' comments (24)
AC | 3-Apr-2012 12:09 pm
Exactly how many of these firms were advising Bank of Scotland? I count three, which is absurd. Great to see taxpayer's money being spent so wisely. God bless the great bureaucracy and chinese walls of our banks.
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AC | 3-Apr-2012 12:13 pm
By Bank of Scotland, I mean Lloyds in its various guises ...
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Anonymous | 3-Apr-2012 12:19 pm
AC @ 12:09 - I read in the FT that Rothschild ran the sale process ... so add that fee to the pot!
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Anonymous | 3-Apr-2012 3:46 pm
Add the different firms advising the company itself, Memory Crystal and Macfarlanes. Since Lloyds owns this company, that means it had 5 advisors on this transaction!
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Mr F | 3-Apr-2012 3:59 pm
That's a heavily staffed transaction. I bet egos were flying all over the place in a battle to be the number one chief amongst many. Glad my firm wasn't involved, although would perhaps have been interesting to see the dynamic between all of Bank of Scotland's advisors! Were they together or taking instructions from different people at Bank of Scotland?! SJ Berwin was seemingly the lone wolf against all those advising the bank
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Anonymous | 3-Apr-2012 4:22 pm
Not often I say this, but ... I (almost) feel sorry for SJ Berwin! 1 against 5.
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Anonymous | 3-Apr-2012 5:27 pm
At least the Dundas & Wilson associates on this deal aren't being made redundant (see other story in The Lawyer) - well, one would hope!!
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Anonymous | 3-Apr-2012 5:34 pm
Out of all this "raft" of advisors, only 3 women are mentioned as against 9 men. Are we a little saddened about that or is not on trend to talk about female under representation in the industry anymore?
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JL | 3-Apr-2012 5:48 pm
Anon @ 5:27pm
That's actually a pretty low comment - I'm sure you meant it with good intentions, but we have no idea about the situation or the decisions being made at Dundas & Wilson, and whether any of the individuals affected were on this transaction. Surely you have the good sense to know that one deal doesn't save you from redundancy.
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Anonymous | 3-Apr-2012 7:19 pm
Anon @ 5:34pm, that is such a stupid statement! I'm almost certain that there will have been plenty of women working on this in the wings, the legal industry is most certainly not light on women.
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Anonymous | 4-Apr-2012 10:09 am
To Anon @ 7:19pm, that was entirely my point. "Working in the wings" but not being named in the press = under representation, imbicile.
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Anonymous | 4-Apr-2012 10:43 am
Hope the reference in the headline to 'raft' doesn't mean there's a sinking ship.
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Anonymous | 4-Apr-2012 11:56 am
Why is this turning into a debate on female representation in the legal industry?! Ludicrous. I think this article presents a pretty fair picture - 4 women, 8 men. Bear in mind the departments the article lists - corporate finance, corporate, finance, debt restructuring and recovery ...
That's pretty representative.
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Anonymous | 4-Apr-2012 1:25 pm
I give up - all of your counter-arguments are precisely what I'm saying! It's not about the article, it's about (or at least it was in my mind) how few women there are in these areas of law. But never mind, please. I'm sorry I mentioned it.
Lets circle back to what we were originally commenting on, which was the obscene number of firms advising one entity (dress it up how you like - they were all representing Lloyds).
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Anonymous | 16-Apr-2012 11:07 am
Has anybody noticed that some of the people mentioned in this article are very hot? Refreshing to see for a change!
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Mr F | 16-Apr-2012 1:07 pm
Anonymous @ 11:07am - Having looked up said people mentioned in the article, it doesn't take a lawyer to work out who you're referring to ...
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Anonymous | 16-Apr-2012 1:21 pm
Eugene O'Keeffe?
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Anonymous | 16-Apr-2012 1:25 pm
Yes Mr F, you don't need a law degree for this one. When I said 'people' I really meant 'person' ... I really meant 'woman'.
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Anonymous | 16-Apr-2012 2:17 pm
Perhaps comments like this are why more women aren't working in this industry??
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Mr F | 16-Apr-2012 2:37 pm
Anon at 2:17pm, it's not degrading to say that somebody is fit. You have every right to say the same about a man named in the article.
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