Eversheds Sutherland in pole position as Formula 1 team Force India skids into administration
Firm takes lead role on administration as leading F1 team searches for a buyer
August 01, 2018 at 05:48 AM
2 minute read
Eversheds Sutherland has taken a lead role on the administration of leading Formula 1 racing team Force India.
The firm acted for Brockstone Limited, the services company representing Force India driver Sergio Perez, in order to protect the jobs of Force India's 400 employees and to allow them to seek a buyer for the team.
Team principal, Indian businessman Vijay Mallya, is currently fighting an attempt by India to extradite him from Britain to face charges of fraud, which he denies, while Force India owes millions to creditors.
In 2017, Force India achieved its highest points tally in the Constructors Championship, finishing fourth out of 10 for the second successive season. This season, the team sits in sixth after 12 races.
Eversheds' team advising Brockstone was led by City restructuring partner Jamie Leader, who will now work alongside administrator FRP Advisory as the team seeks a buyer. Eversheds previously assisted longstanding client FRP on the administration of soap manufacturer Kay's.
Eversheds has taken a number of high-profile restructuring roles in recent months. In February, the firm advised Network Rail on the transfer of Carillion contracts to Amey Rail, in a deal that saw 600 Carillion jobs safeguarded following the construction company's collapse.
Legal Week revealed that the firm was paid £500,000 for the advice, which included the transfer of contracts for the Midland Mainline Upgrade and the North West Electrification Programme.
The firm also acted for Steinhoff's UK business on a £180m refinancing deal for Poundland, a move aimed at reducing the budget retailer's reliance on its South African owner Steinhoff International. Leeds-based restructuring partner David Gray acted on the deal.
In February, the firm also acted on the insolvency of electronics retailer Maplin, with Gray once again taking a lead role advising administrator PwC.
Photo credit: Nic Redhead
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