Our knowledge resources reflect the breadth and depth of our expertise, our insight into the issues which matter to your business, and our understanding of the markets in which you operate.
The decision in the LifeCare appeal (APP/X5210/W/18/3198746 10 June 2019), in which the Planning Inspectorate held that future income should be included in a viability analysis, adds further fuel to the fire about how various kinds of retirement living and elderly accommodation, with or without care services, are classified under planning law, and the impact that this will have on the viability of such developments.
Travers Smith LLP has announced new promotions in its Pensions Sector Group. Effective from 1 July, Andy Lewis becomes a Partner, and Karen Sahota will be promoted to Senior Counsel.
Travers Smith LLP has announced the promotion of four Senior Counsel as part of its 2019 promotion round.
Travers Smith LLP has advised long-standing client, the Azzurri Group, on its acquisition of the healthy ‘food-to-go’ chain Pod from its administrators in an accelerated transaction.
We live in a connected world. And the problem with a connected world, is that every connection is potentially vulnerable to cyber attack.
Travers Smith LLP has advised long-standing client Horizon Capital and other selling shareholders on the sale and reinvestment in AgriBriefing with financing from funds managed by Ares.
Travers Smith LLP has advised long-standing client Silverfleet Capital, the Senior Management Team and other selling shareholders on the sale of Phase One, a leading international technology business specialising in high-end digital imaging software and equipment, to funds managed by Axcel.
New rules implementing the Shareholder Rights Directive II ("SRD II") have come into force today. There are two key areas of change that are relevant to listed companies:
Travers Smith LLP has advised the management of BMS Insurance Group on its receipt of a £500m ($635m) investment from Canadian investment firm British Columbia Investment Management Corp. and New York based private equity firm Preservation Capital Partners LLP. The transaction is subject to regulatory clearance.
Travers Smith LLP has advised leading mobile payments company WorldRemit on its agreement to raise $175 million in a Series D funding round led by returning investors, TCV, Accel and Leapfrog Investments.
Asset-backed or net asset value (NAV) facilities as a feature of the fund finance landscape are not new, but their prevalence and uses have increased over the last five years in particular.
Travers Smith LLP has advised long-standing client Equistone Partners Europe (Equistone) on its investment in CH & Co Catering Group (CH&CO), a leading UK contract catering group, originally backed by MML Capital Partners. The financial terms of the deal are undisclosed.
Travers Smith LLP has advised long-standing client Benchmark Holdings plc, the aquaculture health, nutrition and genetics business, on the proposed refinancing of its existing $90 million credit facility through the issuance of a NOK 850 million listed bond underwritten by DNB Bank ASA and accompanying $15 million revolving credit facility to be provided by DNB Bank ASA.
Giving employees shares in the company they work for is often seen as an effective motivational tool. Some owners go even further and hand their workers a controlling stake in the business by transferring it to a specially formed employee ownership trust ("EOT"). John Lewis is often cited as the classic example of an employee-owned company but there are many others including global operators, PA Consulting and Mott MacDonald.
In July 2018 we circulated a briefing note outlining the European Parliament's approval of a revised proposal to amend EMIR, also known as "EMIR 2.1", (which can be found here) as part of its REFIT programme. This briefing note outlines a further development in respect of EMIR 2.1, which will be particularly relevant to managers of alternative investment funds ("AIFs") who are, or may become, users of derivatives.
The FCA has raised concerns about appointed representative (AR) arrangements entered into by firms in the investment management sector (including AIFMs, asset managers and advisorarrangers). The FCA has identified significant shortcomings in the way that principal firms oversee their ARs, and has found that principal firms often do not adequately assess the risks that the activities of ARs pose to the principal firm's business. In particular, the FCA has stated that it has significant concerns about the use of the "Host AIFM model" under which an AR provides advice to the AIFM, as its principal, and often markets and deals in the units of the AIF.
On 16 April 2019, the European Parliament adopted a new package of measures which will amend the existing regimes governing the cross-border distribution of collective investment funds in the EU: a Directive (CBD Directive) will amend the existing regimes for cross-border marketing of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS); and a
Regulation (CBD Regulation) will introduce new standardised requirements for cross-border fund distribution in the EU.
Travers Smith LLP has advised the second Basalt Infrastructure Partners fund on its acquisition of the entire issued share capital of AIM-listed Manx Telecom plc (Manx Telecom).
Travers Smith is very pleased to have won 'Private Funds - Regulatory Firm of the Year' for the fourth year running at the Who's Who Legal Awards 2019.
Travers Smith LLP is delighted to announce the winners of its 2018/19 CSR Art Programme featuring artwork by students from the University of Westminster and Royal College of Art (RCA), the world's most influential postgraduate art and design school.