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Addleshaw Goddard has acted for the first time for the brothers behind Manchester's renowned Chinese restaurant Yang Sing, on the sale of its readymade Canton-ese meals business to a new company due to float on AIM today (8 September).
There was no formal tendering for the work, but it is understood it came courtesy of Addleshaws senior partner Paul Lee's connections with Harry and Gerry Yeung. Their father, Tim Kwan Yeung, set up Yang Sing in 1977 after emigrating from Hong Kong. Altrincham firm Neil Myerson Solicitors previously acted for the Yeungs for 10 years in relation to their property businesses, pension funds and restaurant. Senior partner Neil Myerson said: "I'm not sure why Addleshaws provided the formal advice, although I did provide some informal advice to Gerry on the licensing and lease arrangements. I suspected they wanted a bigger name because it was a float. We haven't lost them as a client."
Addleshaws partner Nancy Kelsall advised McDonald Yang, the company owned by the brothers, on its sale of the meals business to newly-formed company Readybuy, which is due to float on the stock exchange today (8 September). In exchange, the brothers have obtained a 20 per cent stake in Readybuy, estimated to be worth £1.7m. Davies Wallis Foyster advised Readybuy, which has received £1.2m of investment, on its purchase and flotation.
Kelsall negotiated a licence for use by Readybuy of the Yang Sing name and the top-secret know-how relating to how the food is prepared. The brothers will be paid royalties in exchange for the licence. Readybuy will develop the brothers' business from concept to production. Apparently, the meals are on their way to a supermarket near you.