Ashtons Legal - Corporate & Commercial - 2023 in Review

2023 in review

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www.ashtonslegal.co.uk

Table of contents Who are we?

Corporate transactions

3 5-7

Commercial Property transactions

8

Commercial & Employment

9

Other business services

10

Meet our teams

12-13

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Who are we?

Ashtons is delighted to report on a bumper year for its Corporate & Commercial team in 2023, which saw them complete on a record number of deals.

2023 in review

Geoff Hazlewood, head of the 15-strong Corporate & Commercial team, says of 2023: “This year has been a bumper year for our business law group. We have seen a sharp upturn across the board in transactions, refinancing, management buy-outs, investments and new client wins.

“With a strong pipeline of deals lined up already, and recommitted partnerships at Hethel Innovation Centre and Akcela Ventures, it looks like 2024 will be similarly successful as the team goes from strength to strength.”

Nick Palmer has joined Ashtons as a corporate partner in the firm’s Cambridge office. He is a well-known figure in the Cambridge market and is considered a ‘Rising Star’ by legal commentators Legal 500.

Highlights of some of our key deals and other commercial case studies from 2023 can be found on pages 5 onwards.

Ashtons Legal

Ashtons Legal is an award-winning law firm with a strong focus on customer service. The legal teams provide a wide range of advice to businesses and private individuals regionally, nationally and internationally from offices across East Anglia.

We are one of the largest law firms in East Anglia, with offices in Bury St Edmunds, Cambridge, Ipswich, Norwich and Leeds, employing over 400 people.

We aim to stand out from other firms by acting as technically and commercially astute lawyers whilst retaining a friendly and approachable ethos. We ensure that our clients are served by an excellent range of highquality lawyers who share a common desire to do their best for our clients and for the firm.

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Demergers & Restructures

Sales Investments

We had

MBOs & EOTs

Purchases

growth in transactions

I regard this firm as Number 1 in East Anglia and it is the first firm I contact.

Always a pleasure to deal with any member of the Ashtons Legal team who are unfailingly polite, prompt and helpful and they specialise in delivering a very high standard of service and expertise.

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Corporate Adviser to Godfrey family in sale of Thomas Ridley Foodservice to Bidcorp UK Family-owned businesses, transport, food and beverage

Ashtons is delighted to have advised the Godfrey family, shareholders of Ridley Godfrey (Holdings) Limited, on the sale of Thomas Ridley Foodservice to the multi-billion pound food service group Bidcorp UK. Partner and Head of Corporate and Commercial Geoff Hazlewood led the transactional team, with Charlotte Vallins advising on commercial property and Jessica Piper assisting with the employment aspects of the sale.

The family business has passed through six generations and is now run by Managing Director and great-great-great-great-great grandson Justin Godfrey. The local shop closed some time ago, but the company has expanded over the years and now employs 280 people in Bury St Edmunds. The deal, which was for an undisclosed sum, will see the Thomas Ridley brand remain, and the business will continue to run under the management of Mr Godfrey and the existing management team.

Ashtons assist Gipping Construction in becoming employee-owned

EOT (employee ownership trust), family-owned business, construction

Ashtons is delighted to have advised Gipping Construction in its transition into becoming an employee-owned business with the establishment of an Employee Ownership Trust (EOT). An EOT is a trust established for the benefit of the company’s employees. It was felt that transitioning into being employee-owned would build upon the existing culture of the company and would provide for the financial security and longevity of the company.

Gipping said: “Craig and the team put a lot of work into this deal to get it across the line. It was a complex transaction, and we greatly appreciated the technical expertise and commercial experience of the team from Ashtons. In addition to this, it was great to deal with people who were so personable and who were able to respond to our questions and concerns in ‘plain English”.

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Corporate Multidisciplinary team advise on Quadrant Management double acquisition Cross-border, transport

A multidisciplinary team from Ashtons Legal LLP has recently advised Quadrant Management on their acquisition of both Bartco Australia & MVIS Ltd who are leading global suppliers of portable variable message signs and other intelligent transport systems.

Quadrant Management is a US-based private equity investor. Owning a range of businesses across the world, including multiple manufacturing companies, it now adds Bartco AU & MVIS Ltd to its portfolio of businesses.

The Ashtons team was led by Craig Fiddaman from the firm’s Corporate and Commercial team with input from Paul Whittingham and Ebony Colton. Greg McCurday and Ismail Bell from the Commercial Property team, and Emily Dixon from our Employment Law team also provided advice.

PE-backed buyout of CNet Training and Academia Group Family-owned businesses, technology, education

US based Uptime Institute, a Dominus Capital L.P. portfolio company, acquired Academia Group Limited and all of its global subsidiaries including CNet Training Ltd. Ashtons has acted for CNet Training for many years on all legal matters, including property, disputes, employment, data protection, commercial contracts, and transactions. We were delighted to assist the founders in the sale to Uptime that sees the management team remain in place in Bury St Edmunds supported by the resources of Uptime.

6

Corporate Ed-tech start up secures investment High-growth, investment, education, technology

Ashtons advised Norwich edtech start-up Tech Educators on its EIS/SEIS investment round.

Tech Educators is a fast-growing edtech start-up that provides instructor-led coding, development, blockchain and web3 bootcamps. Headquartered in Norwich, it has won numerous contracts with local councils throughout the UK to provide their bootcamps in locations such as Cambridge, Liverpool and Peterborough, with more to be announced. The company was initially founded in the Akcela incubator but has since moved into new premises. The raise values the company, just over a year old, at around £1.5m, and includes funds from New Anglia Capital.

James Adams, founder of Tech Educators and Akcela, comments: “We are incredibly grateful to David and Ashtons, who have been true partners to Tech Educators from the very beginning. For any founder going through a raise – having the support for questions and the assurance of someone who understands your business, your precise situation and how you work as a founder is invaluable. I have always said the startup ecosystem must put founders at the centre and organise around their needs. The Ashtons team embody this – whether it was engaging David or continual updates and communication from Ebony, we knew where we were at all times. As the founder of any early-stage business, a raise can be a mix of emotions, having a partner who can guide you, calm you and ensure everything moves at the pace needed, is invaluable.”

MBO in Abbey Finance International Limited Financial services, management buy-out

Ashtons advised Abbey International Finance Limited on the sale of the UK operations carried out by one of its UK subsidiary OneAdvent by way of an MBO led by the UK managing director. The funding raised from the MBO will be used to develop new business partnerships and capabilities, and broaden the business’ ability to source and secure additional capacity for existing and new MGA and broker partners.

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Commercial Property

Ashtons assist LS Plant Breeding Limited (“LSPB”) to re-gear their Cambridge property interests for a further 10 years Re-gear, landlord and tenant, options

Ashtons have helped re-gear six leases integral to LSPB’s business in the UK and refreshed of a call-off option for the same period protected by pre-emption rights.

Ashtons is delighted to have advised LSPB on the re-gear and helping to secure the continuance of its seed trial business in Cambridge for a further 10 years.

LSPB were able to complete the re-gear well in advance of the expiry of the present arrangements enabling LSPB to plan for the future with confidence.

Chris Guest of LSPB said: “LS Plant Breeding has instructed Ashtons on various matters for a number of years. We enjoy working with Magnus and his team. We had a very tight timescale but Magnus gets things done in the time available. He always focuses on what matters but is commercial and conciliatory when needed.”

MH Star UK sublease of surplus warehouse space

Sublease, logistics, warehouse, distribution, landlord and tenant

Ashtons is delighted to have advised global e-commerce company MH Star UK in relation to the subletting of a 160,000 square foot warehouse in Bedford.

As part of the long-term strategic planning of the business, the client concluded that securing an income stream from excess, Grade A warehouse space was a key goal and MH Star UK engaged Ashtons to advise on the sublease. Ashtons’ role involved liaising with the freeholder to obtain their consent to the subletting and the works proposed by the sub-tenant, advising on cross-border implications and negotiating the terms of the sub-lease and various ancillary documents.

MH Star said: “We particularly value your patience with us as these matters are a steep learning curve for us and your approach with us makes it much easier.”

8

Commercial Sole commercial legal advisor to Cosworth Motorsport, engineering, technology

We have assisted Cosworth with a number of long-term technical design and development contracts and high-value supply agreements with some of the biggest names in both motorsport and mainstream automotive. This has included advising Cosworth on design and manufacturing agreements, collaboration and research projects, complex framework agreements, nondisclosure agreements and technology licensing.

Anna Marchent, CFO of Cosworth Group Holdings Limited, says: “Our longstanding relationship with Ashtons Legal meant that they were able to apply their existing knowledge of the Group and start working on the recent refinancing deal immediately as well as conclude it within the targeted deadlines. Focus on the detail and bringing our attention to the changes, and outlining their potential impact while at the same time remaining pragmatic and oriented towards completing the transaction, is what made all the difference. Cosworth values its partnership with Ashtons Legal and looks forward to working with the team as we continue to deliver our growth trajectory.”

Employment Advising Premier Foods on site closure Food and beverage, restructuring

Ashtons advised and assisted on all aspects of a site closure and transfers of operational capacity for Premier Foods Plc of their Knighton Foods factory.

We worked with the client in the planning stages and were involved in assisting with each stage of the process.

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Other services Insolvency

Dispute Resolution

Agriculture

Franchising

Our Insolvency and Corporate Recovery team work with insolvency practitioners, banks, accountants, directors and shareholders, businesses of all sizes, creditors, partnerships and individuals. “I have had the pleasure of working alongside Fiona Stuart, Partner for Insolvency and Restructuring, on multiple occasions. Fiona has a strong work ethic and she is able to combine both her excellent knowledge in the field of insolvency along with a commercial and pragmatic approach to various contentious matters.”

Our agriculture lawyers cover all aspects of the law relating to farmers, landowners and agri-business, such as on partnerships, farm and land sales, development, landlord and tenancy and energy creation, storage and financing.

The 30-strong Disputes team cover litigation of all types and have recently settled a defective product claim worth several million pounds for an off-shore energy company, and have successfully defended a multi-million pound breach of contract claim for a national franchisor. “They are very calm, knowledgeable and instil a feeling of confidence so that we felt we were in safe hands from the first meeting. Their commercial approach to resolving the matter kept us focused on a clear strategy and has enabled us to move the situation forward.”

Ashtons’ market-leading Franchising team routinely deal with household brands and their networks, handling grants and terminations, brand rights and multi-site re-sales. “I would have no hesitation to recommend the company for either personal or business matters, and I regard their Franchise Department as being second to none within the UK.”

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Ashtons is unique for us due to the collaboration between the individuals covering various aspects of business legal advice for our corporate requirements – all this being dealt with by one point of contact who co-ordinates the requirements.

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Meet our team Our Corporate & Commercial team

Geoff Hazlewood

Craig Fiddaman

geoff.hazlewood@ashtonslegal.co.uk 07809 389699

craig.fiddaman@ashtonslegal.co.uk 07841 996684

Partner

Senior Associate

Richard Bailey

Tracy Williamson

richard.bailey@ashtonslegal.co.uk 07518 291402

tracy.williamson@ashtonslegal.co.uk 07702 510401

Partner

Senior Associate

Damian Humphrey

Mohammed Haleem

damian.humphrey@ashtonslegal.co.uk 07834 439521

07756 871584

Partner

Solicitor

mohammed.haleem@ashtonslegal.co.uk

Nick Palmer

Whitney Crow

nick.palmer@ashtonslegal.co.uk 07999 026587

whitney.crow@ashtonslegal.co.uk 01603 703072

Partner

Paralegal

Mark Watson

James Brighton

mark.watson@ashtonslegal.co.uk 07738 730835

james.brighton@ashtonslegal.co.uk 07786 536503

Senior Associate

Paralegal

David Sloman

John Chambers

david.sloman@ashtonslegal.co.uk 07738 637777

john.chambers@ashtonslegal.co.uk 07711 859329

Senior Associate

Consultant

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Meet our team Magnus McManus

Ross Strowger

magnus.mcmanus@ashtonslegal.co.uk 07738 579554

ross.strowger@ashtonslegal.co.uk 07921 922822

Partner | Commercial Property

Partner | Employment

Charlotte Vallins

Claire Sleep

charlotte.vallins@ashtonslegal.co.uk 07738 730801

claire.sleep@ashtonslegal.co.uk 07738 730816

Partner | Commercial Property

Partner | Employment

Greg McCurday

Robert Hickford

greg.mcurday@ashtonslegal.co.uk 07938 602237

robert.hickford@ashtonslegal.co.uk 07766 086451

Partner | Commercial Property

Partner | Employment

Sheila Small

Tom Bailey

sheila.small@ashtonslegal.co.uk 07458 109737

tom.bailey@ashtonslegal.co.uk 07759 709154

Partner | Commercial Property

Partner | Disputes

Amy Richardson

Michael Frape

amy.richardson@ashtonslegal.co.uk 07738 730829

michael.frape@ashtonslegal.co.uk 07843 630591

Partner | Planning

Partner | Disputes

Fiona Stuart

Jeanette Dennis

fiona.stuart@ashtonslegal.co.uk 07919 893340

jeanette.dennis@ashtonslegal.co.uk 07971 671193

Partner | Insolvency

Partner | Agriculture

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Ashtons Legal office locations Bury St Edmunds

Cambridge

Ipswich

Leeds

The Long Barn Fornham Business Court Fornham St Martin Bury St Edmunds IP31 1SL

Portman House 120 Princes Street Ipswich IP1 1RS

Chequers House 77-81 Newmarket Road Cambridge CB5 8EU

Suite E14 Joseph’s Well Hanover Walk Leeds LS3 1AB

Norwich

Trafalgar House Meridian Way Norwich NR7 0TA

For further information on how we can help you, please call or email us today:

0330 191 4835 enquiry@ashtonslegal.co.uk www.ashtonslegal.co.uk

Ashtons Legal LLP (also trading as Heslop and Platt) is authorised and regulated by the Solicitors Regulation Authority (Licensed Body number 8003918). The information contained in this guide is of a general nature and specific advice should be sought for specific situations. We believe the information to be correct as at the time of publication, January 2024. While all possible care is taken in the preparation of this leaflet, no responsibility for loss occasioned by any person acting or refraining from acting as a result of the material contained herein can be accepted by the firm or the authors.