Herbert Smith helps Electra clear its debts

Herbert Smith has completed the u215m sale of PHS – owned by Electra Investment Trust – as part of Electra's fight to rid itself of u600m of debt.

The sale of the washroom and tropical plant services division is the next step in Electra's five year plan to wind up the company.

Head of corporate law at Herbert Smith Stephen Barnard led the team which advised the group of sellers. These included Electra Fleming Funds, a subsidiary of Electra Investment Trust. The Herbert Smith team included corporate solicitors Julia Pyke and Gaby Narozny, tax assistant Bradley Phillips and property assistant Brian Curwen.

The firm also advised PHS Management, an entity made up of a small number of managers who wished to stay in the sold-off company, which invested in the buyer, venture capitalist Charterhouse Development Capital. Charterhouse was advised by Alastair Dickson, senior partner of City based firm Dickson Minto WS.

Rupert King, a director of Electra Fleming, says Electra is likely to sell more assets in the future and Herbert Smith may be in on these deals.