Firm News

Mishcon de Reya advises London Town PLC on its £94.57 million acquisition of 167 pub portfolio

Release Date:

06 December 2006

Mishcon de Reya has advised new AIM listed client, London Town PLC on its £94.57 million acquisition of a portfolio of 167 pubs from Save Investments Limited, a company controlled by Petchey Holdings Plc and on London Town’s re-admission to AIM.

The cross-departmental Mishcon team was led by real estate partner Daniel Lipman alongside corporate partner Ross Bryson, real estate partner Kevin Gillon and real estate finance partner Matthew Lindsay and principally assisted by Rhymal Persad, Louise Farrant, Stuart McMaster, Alice Galbraith, Nick Gayner, and Louis Ditz.

Mishcon de Reya's Daniel Lipman commented:  "We were delighted to be instructed by London Town PLC in connection with this acquisition which yet again highlights our profile as one of the leading real estate practices currently operating in the mid-market and is also a good example of the quality of transactional work undertaken by our corporate department.  Our multi-disciplinary team of lawyers had a huge volume of information to digest, but the process was facilitated by the expertise, professionalism and approach of the London Town team".

The acquisition is being funded by a £72.8 million facility from Anglo Irish Bank. £14.3 million is being raised from a new share issue and £14 million from the issue of deep discount bonds. The market capitalisation upon re-admission is expected to be circa £17.5 million. The transaction constitutes a reverse acquisition under the AIM rules and is therefore subject to formal approval by shareholders at the EGM on the 21 December.

Raman Jagpal of DLA Piper advised the seller. Jonathan Rickard of Addleshaw Goddard acted for Anglo Irish Bank and was principally assisted by Suzanne Maguire and Sarah Stokes.