RPC and Clifford Chance advising as House of Fraser bought by Mike Ashley for £90m
11th hour deal is the latest dramatic development for the UK high street
August 10, 2018 at 05:53 AM
2 minute read
RPC and Clifford Chance (CC) have joined the line up of firms advising on the pre-pack administration sale of House of Fraser to Mike Ashley, founder and owner of Sports Direct, for £90m.
Earlier today (10 August), the beleaguered department store went into administration when talks between the retailer and its creditors broke down.
Ashley – who also owns Newcastle United Football Club – has agreed to buy the chain, including all its UK stores, for £90m in cash.
RPC is advising longstanding client Sports Direct on the sale, while CC is advising administrators EY on the process.
Freshfields is advising House of Fraser, while Kirkland is advising the bondholders, roles both firms initially took up earlier this year when House of Fraser first proposed a company voluntary agreement (CVA).
Freshfields team is being led by restructuring partners Ken Baird and Adam Gallagher, and dispute resolution partner Craig Montgomery, who is part of the firm's restructuring and insolvency group.
Travers Smith, led by restructuring partner Edward Smith, has been advising KPMG, the supervisors of the CVA.
Scottish firm Burness Paull advised the administrators on Scottish aspects of the transaction, with a team led by restructuring partner Michael Thomson.
In June, Bryan Cave Leighton Paisner (BCLP) took a lead role advising about a dozen landlords in their challenge against House of Fraser's plans to close more than half of its stores.
Sports Direct, which holds an 11% share in House of Fraser, launched a High Court legal challenge against the department store, alleging that it had been cut out of the negotiations.
The department store sale is the latest in a year of uncertainty for the high street, following a string of high-profile retail restructurings to hit the UK, with a number of law firms picking up advisory roles. Ashurst and Travers Smith advised on Carpetright's restructuring, while Eversheds Sutherland has been acting on the administration of electronics retailer Maplin.
Kirkland took a lead role on the collapse of Toys R Us, while Hogan Lovells and Pinsent Masons are leading on the administration of Gaucho steakhouse.
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