McGrigors jumps ahead of Lovells for £155m pub chain sale mandate
McGrigors has scooped an eye-catching M&A mandate ahead of Lovells, acting for retail entrepreneur Michael Cannon on the £155m sale of West Country…
February 07, 2007 at 11:07 PM
2 minute read
McGrigors has scooped an eye-catching M&A mandate ahead of Lovells, acting for retail entrepreneur Michael Cannon on the £155m sale of West Country pub chain Eldridge Pope to market rival Marston's.
The Scots firm secured the role after associate Duncan Holden joined from Lovells in early 2005, bringing the client with him.
During his time at the top 10 City firm, Holden acted for Cannon on his original £82m acquisition of Eldridge Pope in October 2004.
McGrigors' role carries added significance as Cannon opted not to instruct Eldridge's historical adviser, Slaughter and May.
McGrigors London-based corporate partner Martin Finnegan led the deal team for Cannon, assisted by Holden.
Holden said: "This is a showcase deal of what we can offer. Feedback has been positive and we are sure Michael Cannon will be in the market to do deals again in the future."
Freshfields Bruckhaus Deringer advised regular client Marston's, which formerly traded as Wolverhampton & Dudley Breweries. Corporate partner Gareth Stephenson led the team for Freshfields with support from associate Kate Burns.
The deal, which closed on 25 January, is likely to see Marston's retain 135 of Eldridge Pope's 153 outlets. Marston's has 2,485 outlets.
Clifford Chance finance partner Charles Cochrane advised the banks providing debt, which were led by Barclays Capital and HSBC.
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