SJ Berwin advises on acquisition of struggling fashion retailer

SJ Berwin has joined a number of law firms advising on the private equity rescue of troubled London fashion chain AllSaints Spitalfields.

The top-20 City law firm secured the mandate to advise the buyers – Lion Capital and Goode Partners – on their acquisition of the retailer from failed Icelandic banks Kaupthing and Glitnir, which had put their stakes up for sale.

The deal saw the buyout houses inject £105m for a 76% stake in the retailer, with the deal set to save it from the risk of administration.

SJ Berwin fielded a team for Lion and Goode led by City corporate partner Richard Lever (pictured) and head of corporate Steven Davis, with corporate finance partner Graham Nicholson also advising.

Jones Day City M&A partner Leon Ferera also advised Goode alongside SJ Berwin, with Speechly Bircham and Dundas & Wilson advising AllSaints' management. Dundas' team was led by Glasgow private equity partner Colin Massie, while Speechly's team was led by private equity head Malcolm MacDougall, who recently joined from DLA Piper.

DLA Piper, meanwhile, advised the Icelandic banks, led by City restructuring partner Jonathan Richards.

SJ Berwin's Lever said: "We were very pleased to be able to organise a transaction together with our clients, which assures the future of AllSaints."

The deal is the latest in a string of matters on which SJ Berwin has advised Lion Capital, including the £1.4bn acquisition of French frozen food business Picard Surgeles in 2010 and the recent sale of restaurant chain Wagamama to Duke Street.

AllSaints was created in 1994 and opened its first standalone store in London in 1997. It now has 62 shops across the UK, US and Europe, as well as an online presence. In its most recent financial year the company had revenues of more than £200m.