Shoosmiths leads for Thorntons on outsourcing deal and bank agreement
Shoosmiths is advising troubled retailer Thorntons on its restructuring plans and an associated outsourcing agreement set to save the chocolate maker at least £5m over the next six years. The national law firm's commercial team is advising the company as it prepares to close a number of its stores following a strategic review of its business.
July 06, 2011 at 07:03 PM
2 minute read
UK trio advise as Thorntons plans closure of up to 180 stores
Shoosmiths is advising troubled retailer Thorntons on its restructuring plans and an associated outsourcing agreement set to save the chocolate maker at least £5m over the next six years.
The national law firm's commercial team is advising the company as it prepares to close a number of its stores following a strategic review of its business.
The law firm's longstanding links with the retailer have seen Nottingham commercial partner Andrew Pickin, the Thorntons relationship partner, advising as the company prepares to outsource all of its warehousing and distribution to supply chain business DHL.
The firm's team advising on the outsourcing also includes Nottingham head of employment Helen Burgess.
Meanwhile, Shoosmiths banking partners Helen Wilson (Birmingham) and Rebecca Mauleverer (Thames Valley) advised Thorntons on the extension and renegotiation of its bank facilities. The retailer has agreed a £57.5m bilateral revolving credit facility with HSBC and Barclays until October 2015. The deal replaces current facilities of £52.5m due to expire in August 2012.
HSBC turned to Pinsent Masons Manchester banking partner Matthew Heaton for advice, with DLA Piper Birmingham finance partner Stephen Bottley advising Barclays.
Thorntons, which issued a profits warning in May, announced last week that it plans to close up to 180 of its 364 stores over the next three years.
Pickin said: "Obviously the company has featured very heavily in the press in the last few days, but its management is well organised and determined. We live in tough times and it's understandable that a company might have to make changes to remain competitive."
He added: "Our 10-year relationship with Thorntons continues. We're in constant conversations with them about how we can play our part in helping them through a difficult period in the marketplace."
News of Thorntons' plans emerged within days of furniture retailer Habitat and clothing chain Jane Norman falling into administration, with parts of each business being sold.
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