Dentons and TLT take top roles on Virgin Money bank buyout
Denton Wilde Sapte and TLT Solicitors have landed roles advising on the acquisition of Church House Trust by Virgin Money. Dentons advised regular client Virgin Group on the acquisition, which marks the first venture into the banking market for the company.
January 08, 2010 at 10:47 AM
2 minute read
Denton Wilde Sapte and TLT Solicitors have landed roles advising on the acquisition of Church House Trust by Virgin Money.
Dentons advised regular client Virgin Group on the acquisition, which marks the first venture into the banking market for the company.
Corporate co-chief Jeremy Cohen took the lead role advising Virgin Money on the acquisition, while financial regulation partner Rosali Pretorius advised on all financial regulation matters.
The deal will see Virgin Money acquire the Yeovil-based Church House for a mixture of cash and contingency loan notes.
TLT advised the private bank on the deal with a team led by corporate finance partner Richard Tall.
The deal, which has been approved by the Financial Services Authority, closed today (8 January).
Cohen said: "This is an important development for Virgin Money as they see it as a first step in delivering their banking ambitions."
The acquisition will give Virgin Money, which already has around 2.5 million customers, a full range of banking capabilities.
Virgin owner Richard Branson made an unsuccessful bid to break into the banking market in 2007 when he attempted to take over stricken bank Northern Rock, with Allen & Overy taking a lead advisory role.
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