National law firm Shoosmiths has advised Prowting Investments plc - a family-backed private equity firm - on the strategic investment in bespoke property developer, Bargate Homes Limited.
Shoosmiths' corporate partner Adam Dowdney led a team of corporate specialists on the multi-million pound deal comprising banking partner Linda Williams, corporate associate Lisa Sigalet, and paralegal James Arnold. Additional specialist legal advice was also given from a range of other departments throughout the firm.
The deal was completed through the provision of funds raised from The Royal Bank of Scotland plc (acting as agent for National Westminster Bank plc), with Osborne Clarke's banking team in Bristol providing advice to the bank. Coffin Mew advised Bargate Homes.
Adam Dowdney said: 'This was our first instruction for Prowting and we were delighted to act for them on this strategically important investment. As with any equity investment with bank financing, there were some complex issues to resolve, but the whole team worked well to achieve a completion delivered on time and on budget.'
Wendy Trott of Prowting commented: 'We were very happy with the work Adam and the Shoosmiths team undertook for Prowting in relation to this investment. They were always very prompt in their advice and provided a first class service that gave us a great deal of confidence as the deal progressed. The timetable was tight and thanks to Shoosmiths' hard work we completed the investment on time and we are looking forward to working both with Bargate Homes and also with Shoosmiths on various other projects we are considering.'
Shoosmiths' corporate team was recently named 'Law Firm of the Year' at the prestigious national M&A Awards, 2013. It was also ranked in the top three of the authoritative UK Experian Corpfin Advisor League Tables for number of deals completed in 2013.