Hammonds leads on £100m sale of Cath Kidston shares
Hammonds has won a lead role advising on the £100m sale of a majority stake in luxury retailer Cath Kidston to private equity house TA Associates. The deal, which closed at the end of last month (30 March), saw corporate partner and client relationship manager Nick Allen advise the shareholders of Cath Kidston on the sale following a tender process involving a number of firms.
April 21, 2010 at 07:04 PM
2 minute read
National firm takes corporate role on private equity share sale
Hammonds has won a lead role advising on the £100m sale of a majority stake in luxury retailer Cath Kidston to private equity house TA Associates.
The deal, which closed at the end of last month (30 March), saw corporate partner and client relationship manager Nick Allen advise the shareholders of Cath Kidston on the sale following a tender process involving a number of firms.
The deal comes on the back of the national firm being appointed last year as the retailer's sole adviser for intellectual property, branding and trademark work.
However, this will be seen as a significant deal for Hammonds as it is the first time the firm has been instructed to advise the client on corporate matters.
The deal has seen owner Kidston and the company's senior management retain an approximately 40% stake.
Allen was assisted on the transaction by Hammonds' head of tax Bernhard Gilbey and corporate associate Rob Shakespeare.
Meanwhile, Macfarlanes corporate partner Ian Martin advised TA Associates on the purchase. Ashurst represented sole lender and debt provider Lloyds Bank on the transaction.
Cath Kidston has seen profits increase from £127,000 in 2004 to £4.6m in 2009, with the company planning further expansion through the UK and internationally.
Allen commented: "Working on this deal has been great as we have got to work alongside the whole board including Cath herself. It was a good opportunity to extend our relationship and give advice on corporate matters."
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