3 November 2004 – LAWFUEL – Securities law, banking law, legal, law firm news DLA LLP has advised Barclays Bank PLC on its provision of senior and mezzanine debt facilities which were utilised in part to fund the secondary buy out of the Hobbs Group (“Hobbs”) by Hobbs Holdings No 4 Limited. Private equity funding was provided by 3i.
DLA also advised the existing management of Hobbs led by Nick Samuel and Mike Trotman on the rollover of their investment stake and increase in their shareholding.
Hobbs operates a chain of high-street retail stores and concessions in department stores. Its product range comprises female fashion clothing and shoes. It currently has just over 60 stores across the UK and has plans to increase this number to 80 by 2006 and expand internationally.
Barclays Bank PLC is an existing client of DLA.
The DLA LLP team advising Barclays Bank PLC was led by banking partner Philip Butler assisted by associate Adrian Low, solicitors Tim Rennie and Alan Davidson and trainee Merih Altay. Alison Gowman, real estate partner and Julian Mathews, corporate associate also assisted the banking team.
The DLA LLP team advising Hobbs management was led by corporate partners Tom Whelan and Andrew Harris assisted by trainee Cathryn Everest.
Philip Butler said: “It was particularly pleasing to be involved in this transaction as DLA had advised Barclays Bank PLC on the funding of the initial management buy-out of Hobbs by Barclays Private Equity two years ago since when the business has gone from strength to strength.
The timetable was challenging but the commonsense approach of all involved helped us to get there in time. Certainly our team thrives in such circumstances where delivery is highly dependent upon experience and technical expertise working alongside first rate project management skills.
“We are delighted to have once again represented Barclays Bank PLC for whom we have acted for a number of years.”
Tom Whelan said: “We were delighted to act for Nick Samuel, Mike Trotman and for the other members of the management team on such a high profile deal. They adopted a very commercial and pragmatic approach to all the key issues which enabled the deal to be done very quickly. As a team, they have done an excellent job in growing the business and I am sure they will achieve the same success with 3i in the future.”