CC secures Focus Wickes flotation work
Legal Week
June 26, 2002 at 08:03 PM
2 minute read
Clifford Chance (CC) has secured work on one of the most significant IPOs this year advising Focus Wickes, the DIY retailer, on its London Stock Exchange (LSE) flotation, which is scheduled for the start of July.
The firm is advising Focus Wickes and its majority shareholder Duke Street Capital, which owns 55% of the company.
The flotation is set to raise £190m of new money for the company with an expected enterprise value of £1.2bn-£1.4bn.
CC was handed the work at the beginning of April and is a longstanding client of Duke Street Capital.
"We have been advising Duke Street Capital since 1992, and apart from when Slaughter and May was brought in to advise on the acquisition of Wickes and Great Mills at the end of 2000 because of a conflict of interest, we have always been their main adviser," said CC corporate partner Jason Glover, who acts as client partner for the private equity house.
Ian Hunt, who led the team advising Focus Wickes, added: "We were very pleased that we were asked to instruct both the company and the private equity group. The IPO has allowed us to spread our wings with the company."
Partner John Lane is leading the Linklaters team that is advising the underwriters, ING Barings and Goldman Sachs International.
The IPO market has been stuttering back into life in recent months with the announcement of several high profile flotations including that of bookmaker William Hill and luxury goods retailer Burberry.
IPOs raised nearly £1.4bn on the LSE last month.
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