Freshfields Advising as FTSE 100 Housebuilder Reviews Practices Following Criticism
Persimmon is holding an independent review into its practices after it faced criticism earlier this year.
August 13, 2019 at 06:19 AM
2 minute read
Persimmon, Credit: Bloomberg Finance LP/ Simon Dawson
U.K. housebuilding giant Persimmon has appointed Freshfields Bruckhaus Deringer to an independent review into its business, after the company was scrutinised for alleged poor practices.
FTSE 100 company Persimmon was criticised earlier this year for its participation in the government's Help To Buy funding scheme.
Practices including its use of leasehold contracts, the quality of its buildings and its leadership came under fire. The company's shares fell as a result of the criticism.
It announced it would hold an independent review into its practices, led by Stephanie Barwise QC of Atkin Chambers. She is being supported by Atkin barrister Mischa Balen and Freshfields.
Freshfields global investigations co-head Geoff Nicholas is leading the Magic Circle firm's team appointed to the review.
Expert opinion is being provided by Clive Fenton, former CEO of retirement home builder McCarthy & Stone.
Earlier this year, Japan's largest housebuilder Sekisui House entered the U.K. market, with a trio of firms advising. The company invested £55 million into British regeneration outfit Urban Splash in a joint venture, backed by U.K. government body Homes England. Ashurst is advising Sekisui House, while Eversheds Sutherland is advising Urban Splash and Pinsent Masons is advising Homes England.
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