Cartwrights raises a glass to pub sell-off

Bristol firm Cartwrights is drinking to success after advising millionaire entrepreneur Michael Cannon on the sale of his Magic Pub Company to Greene King for £200 million.

It is one of the biggest City deals for 16-partner Cart-wrights, which advised Cannon two years ago when he formed MPC by acquiring 282 Chef & Brewer pubs for £78 million from Scottish & Newcastle.

Cartwrights also handled the property and licensing work. Allen & Overy was MPC's corporate adviser and Linklaters & Paines acted for Greene King.

A spokesman for Cartwrights said the firm was delighted to be involved in such a “high profile deal”. About 10 of its lawyers worked on the sale, which saw Cannon scoop £70 million by disposing of his majority shareholding. He bought the shares for £12 million.

The Cartwrights team was led by Chris Mitchell who said: “We have been working with the directors of the Magic Pub Company for some time. Since 1994, our leisure, licensing and hotels group have been looking after Magic's licensed estate and we were pleased to have been appointed to handle such a major part of this agreement.”