Pinsents takes starring role on sale of Withnail production company
Pinsent Masons has advised on the acquisition of production company HandMade, the owner of rights to films including Life Of Brian, Withnail & I and Lock Stock And Two Smoking Barrels. A Pinsents team led by corporate partner Sean Page advised special purpose vehicle Almorah Services on the £2.3m buyout, with the deal set close later this month.
May 12, 2010 at 09:13 AM
2 minute read
Pinsent Masons has advised on the acquisition of production company HandMade, the owner of rights to films including Life Of Brian, Withnail & I and Lock Stock And Two Smoking Barrels.
A Pinsents team led by corporate partner Sean Page advised special purpose vehicle Almorah Services on the £2.3m buyout, with the deal set close later this month.
Almorah was set up to carry out the acquisition by wealth manager David Francis, the chief executive of Jersey-based financial services company Horizon Group.
HandMade, which was formed by Beatle George Harrison in 1972, has seen its shares suspended twice over the last nine months due to doubts over its financial position.
Page commented: "While the valuation put on the company reflects its financial position, our client sees great potential to exploit the assets of the company going forward. The deal was very interesting to work on due to the assets it owns.
"The company was in a precarious financial position and we had to work with the takeover panel and the company and its advisers in putting together the offer under a very acute timetable."
The deal also sees Almorah make an offer to buy out a £10.2m convertible loan note which was part of a £17m fundraising carried out by HandMade last November.
The money was raised to finance a new division called HandMade Kids after HandMade acquired the intellectual property rights to children's characters created by the Duchess of York.
The fundraising saw Field Fisher Waterhouse corporate partner Anthony Brockbank and Rosenblatt Solicitors take roles for Handmade.
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