Trio of firms thrash out B&B rescue

Ashurst, Herbert Smith and Slaughter and May have all won leading roles on Bradford & Bingley’s (B&B) rescue.

After a weekend of emergency talks, Spanish bank Santander will take over B&B’s savings ­business and branches, while the £50bn lending business will be nationalised.

Herbert Smith corporate head Michael Walter advised B&B with corporate partners Will Pearce and Adam Levitt and restructuring ­partners Kevin Pullen and ­Laurence Elliott. Santander called on Ashurst’s new senior partner Charlie ­Geffen along with corporate partner James Perry and commercial partner Clive Tucker. Slaughters is advising the Government.