Eversheds Sutherland and Linklaters among line-up of firms on Poundland refinancing amid Steinhoff scrutiny
Simmons and DWF also take roles on £180m deal to cut retailer's reliance on scandal-hit owner Steinhoff
January 04, 2018 at 11:46 AM
2 minute read
Eversheds Sutherland, Linklaters and Simmons & Simmons are among a line-up of law firms to have advised on a £180m refinancing deal for Poundland, in a move aimed at reducing the budget retailer's reliance on its beleaguered South African owner Steinhoff International.
Steinhoff, a key client of Linklaters, is currently facing intense scrutiny relating to concerns over accounting irregularities, with shares plummeting following the resignation of CEO Markus Jooste last month.
The refinancing deal has seen Poundland's European owner, Pepkor Europe, arrange a two-year loan facility from US investment firm Davidson Kempner Capital Management. The deal will reduce Pepkor's reliance on capital from parent company Steinhoff.
Eversheds Sutherland is advising Steinhoff's UK business on the loan, which owns brands such as Harveys and Bensons for Beds.
The Eversheds team is being led by company commercial partner Carl Allen, alongside finance and restructuring head Simon Waller and restructuring partner David Gray.
Allen said: "We are pleased to have supported the Steinhoff UK businesses on this important financing to help insulate them from the difficulties that are being faced by the international parent group."
Linklaters is advising longstanding client Steinhoff International. The magic circle firm's senior partner Charlie Jacobs has advised the retail holding company on a number of major deals in the past, including its 2016 acquisition of Poundland and its spin-off and listing of its Africa retail assets last year.
The firm is advising Steinhoff with a large team led by global co-head of restructuring and insolvency Richard Bussell.
Pepkor, meanwhile, has instructed both DWF and Simmons to advise on the deal. DWF's team is being led by corporate transactional partner Patrick Eaton, corporate banking head Iain Shurwood and director Amrish Sharma, while Simmons finance partner Peter Manning is heading up his firm's team.
Steinhoff acquired Poundland in 2016, with Linklaters and Freshfields Bruckhaus Deringer taking the lead roles for Steinhoff and Poundland respectively.
Steinhoff, which had already previously acquired 22.78% of Poundland's shares, purchased the retailer for around £610m. Linklaters and Freshfields picked up the lion's share of £4.5m in legal fees for their work on the deal.
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