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Travers Smith LLP has advised Livingbridge on the sale of its Baronsmead VCTs and Equity Funds investment management business (the “VC Business”) to Gresham House plc, a specialist alternative asset manager listed on the London Stock Exchange.
Contracts are often amended to take account of changed circumstances. But care is needed to avoid the pitfalls.
At first sight, the message of the Supreme Court's recent judgment in Rock Advertising v MWB seems simple: if you want to vary your contract, make sure you get it in writing. But in attempting to create greater certainty in this area, the Supreme Court may have created a new set of problems - particularly for businesses wishing to amend large numbers of contracts at the same time.
In Phones 4u Ltd (In Administration) v EE Ltd (2018), the High Court struck out EE's claim for £200 million in damages because of the wording of a letter terminating its distribution arrangements with Phones 4u. The letter was effective in terminating the relevant contract only in exercise of EE's right under a contractual provision allowing termination for insolvency - and not for alleged repudiatory breach by Phones 4u under common law.
In Phones 4U Ltd (In Administration) –v- EE Ltd [2018] EWHC 49 (Comm), the High Court ruled that EE's counterclaim for damages for loss of bargain had no real prospect of success on the basis that the terms of a termination letter sent by EE were effective in terminating the relevant contract only in exercise of its right under a contractual provision and not in the acceptance of an alleged repudiatory breach by Phones 4U under common law.
Travers Smith LLP is delighted to be co-hosting a breakfast seminar on Thursday 25 January 2018 with the Global Sourcing Association (GSA) focused on avoiding pitfalls in outsourcing.
Travers Smith LLP has advised long-standing client TA Associates on the acquisition of the Single Strategy asset management business (the "Single Strategy Business") by a NewCo funded TA Associates from Old Mutual Wealth.
Travers Smith LLP has advised Ascential plc on the $17.5 million sale of MEED to GlobalData.
Travers Smith LLP has advised longstanding client ETF Securities Limited on both the $611 million sale of its European exchange-traded commodity, currency and short-and-leveraged business to WisdomTree Investments, Inc., and the sale of its Canvas, UCITS ETF platform, to Legal & General Investment Management (LGIM).
Travers Smith LLP has advised long-standing client Bridgepoint on its agreement with Burger King Europe GmbH (BKE), an affiliate of Restaurant Brands International Inc. (RBI), to become the UK master franchisee of BURGER KING®, with exclusive rights to the brand in the UK. Bridgepoint will simultaneously acquire the Caspian UK Group, one of the UK’s largest BURGER KING® franchisees with 74 restaurants.
What if the main body of a contract appears to say one thing, but the detailed wording of a technical schedule appears to be at odds with that? You might have thought that the main body of the contract would take precedence – but a recent Supreme Court ruling suggests otherwise.
Today has seen the successful launch of a new payment system for processing cheques and similar payment instruments in the UK – the Image Clearing System (the ICS). The ICS is operated by Travers Smith's long-standing client, the Cheque & Credit Clearing Company Limited (the C&CCC).
All too often, businesses believe that they have secured a valuable commitment to exclusivity – only to discover that, when they come to enforce it, the relevant contractual provisions aren't watertight. In this briefing, we look at how to avoid the most common pitfalls and ensure that your exclusivity provisions achieve your commercial objectives.
Travers Smith LLP is delighted to be partnering with leading open source software development and security consultancy Black Duck and industry body techUK to host a breakfast seminar focused on managing open source software risks.
Travers Smith LLP has advised long-standing client Safestore Holdings plc on its £56 million acquisition of Stork Self Storage (Holdings) Limited (trading as Alligator Self Storage) from a company controlled by funds managed or advised by York Capital Management.
Travers Smith LLP has advised Agrial on its acquisition (through its UK subsidiary Florette UK + Ireland Limited (“Florette”) of MyFresh Prepared Produce Limited (“MyFresh”), a Wigan-based salad processing company, from the William Jackson Food Group.
The UK's competition watchdog, the Competition and Markets Authority (CMA), has urged online sellers and suppliers of automated re-pricing software to learn from the example of a seller on Amazon Marketplace which was fined £160,000 for engaging in illegal price-fixing.
What can businesses do to ensure that their commercial contracts are "Brexitproof"? Despite the continued uncertainty over the nature of the UK's future relationship with the EU, there are steps that you can take now.
Travers Smith LLP has acted for Ancala Midstream Acquisitions Limited (“Ancala”), which has entered into an agreement with Apache Beryl I Limited (“Apache”) to acquire Apache’s 30.28 per cent interest in the Scottish Area Gas Evacuation system (“SAGE”) and its 60.56 per cent interest in the Beryl pipeline – both of which are located in the North Sea.
Travers Smith LLP has advised longstanding client Bridgepoint and management on the sale of Oasis Dental Care, the UK's leading private dental services provider to BUPA, in a transaction valuing the business at £835m.