The traditional North West triumvirate – Eversheds, DLA and Addleshaws – all secured places on the CRP deal.

Eversheds and DLA reversed their roles following HSBC’s initial investment in CRP in September 1998, when Barclays Bank also injected an amount of debt into the company.

Last time, it was Eversheds’ turn to advise HSBC after it acted for the bank’s private equity arm on its £442m management buyout (MBO) of Caradon’s plumbing division.

According to Eversheds corporate partner Nigel Dale, his firm secured work on the Caradon deal after a previous transaction the team acted on for the private equity arm did not come to fruition.

HSBC Private Equity rewarded Eversheds’ patience with the Caradon MBO. Eversheds has sustained a long relationship with Barclays Bank, as has Addleshaws with Barclays Private Equity.