Walker Morris has advised Altium Capital, as nominated adviser, and WH Ireland, as broker, on the placing and open offer by the manufacturing and specialist services group, Redhall Group plc, to raise £5.8 million.
The Placing Shares are being placed with new and existing institutional and other shareholders by WH Ireland at a price of 5 pence per share.
In addition, Alphagen Capital (formerly Henderson Alternative Investment Advisor), HSBC Bank plc and the Company have entered into an agreement to capitalise £3 million of debt, at 5 pence per share.
Richard Naish, Shubhu Patil and Ben Proctor from the Walker Morris Corporate Group advised Altium Capital and WH Ireland.
The placing and open offer and conversion of debt follows the announcement of the Company’s strategy in December 2014 which stated its intention to turnaround the performance of the Group, create a lower risk, higher margin, multi-disciplinary manufacturing-based organisation, and deliver a substantial improvement in profitability, earnings per share and shareholder value.
The key tenet of the strategy is a focus on high margin manufacturing, and specialist services activities, with particular emphasis on the nuclear, oil & gas and specialist infrastructure markets.
Redhall’s Chief Executive, Phil Brierley, said:
"We have made significant progress in the past year in transforming Redhall into a company focused on multi-disciplinary manufacturing and specialist services, which offer higher margins and lower risks. The proposals announced today, through restructuring the balance sheet and providing additional funding, will position Redhall to take advantage of the significant growth opportunities in our marketplace."
Richard Naish, Walker Morris corporate partner said:
“The Company has already successfully completed the first stage of its turnaround. The placing and open offer together with the conversion of debt will strengthen the Company's balance sheet and provide additional funding to support the growth of Redhall’s existing businesses.”
Specialist finance lawyers at Walker Morris have advised on NorthEdge Capital’s multimillion investment in Help-Link.
The boiler and central heating specialist will also see an investment behind a new management team and strategic direction.
Simon Clark, partner and Claire Askew, associate, led a team including John Hamer, Michael Taylor and Catherine Raftery at Walker Morris advising Help-Link and NorthEdge in respect of this significant transaction.
Former Endless LLP partner, Warwick Ley, has been appointed chairman and Richard Harrison, the former managing director of online car retailer WeBuyAnyCar, will take over as Chief Executive.
The business will withdraw from the Energy Companies Obligation market, and instead, focus on its growing market share in the private boiler market, where it is already the second largest player behind British Gas.
Warwick Ley commented:
“Help-Link has a unique opportunity to generate significant growth. To capitalise on this, we have driven a lot of change during 2015 which has only been possible through the first class support from NorthEdge.”
Simon Clark commented:
“It has been great to contribute towards achieving this investment for Help-Link. We wish the business every success. It has been a pleasure working with Warwick and his team at Help-Link and Dan and his team at NorthEdge”
Intellectual property solicitors at Walker Morris have helped Deckers Outdoor Corporation succeed in its design right and trade mark infringement claim against Paradox Retail Limited and its directors.
Deckers, the famous US based footwear company and owner of the iconic UGG brand, brought an action in the Intellectual Property Enterprise Court (IPEC) against Paradox and its directors after the company attempted to import a large consignment of boots which infringed Deckers' registered design rights and trade mark rights.
Under the terms of a Court Order of HHJ Hacon in the IPEC, Paradox and its directors are (i) injuncted from infringing Deckers' rights in the future, (ii) are required to deliver up and forfeit all of the infringing boots within their possession and (iii) are required to provide information regarding Paradox's supply chain. Deckers were given permission to apply to Court for its costs, which it has now done, and also for directions for an enquiry as to an account of profit or damages.
Alan Harper, Associate Intellectual Property Solicitor at Walker Morris said:
“This is great victory for Deckers. The UGG brand and products are well recognised around the world and the infringement of its intellectual property is harmful to the business and will not be tolerated. We are delighted with the outcome and feel it will act as a warning for others against dealing in such products. The case demonstrates how vital it is for businesses to protect the commercial value of their brand and design rights.”
Gianni Georgiades Managing Director UGG EMEA said:
“Counterfeiting is not only a consumer and business fraud issue, but a larger social plague that involves global human rights, child labor and health and safety issues. Deckers are committed to combating counterfeiting to protect our consumers, and the chain of unseen and unknown victims of these crimes.”
Walker Morris has appointed Trade Mark Attorney Heather Williams to head its Trade Marks and Designs Unit and underpin its intellectual property client offering.
Walker Morris is one of the few commercial law firms to have a dedicated trade marks and design practice, staffed by specialist UK and European qualified Trade Mark and Design Attorneys, within its Intellectual Property Team. The Trade Marks and Design Unit provides advice on all aspects of non-contentious and contentious trade mark and design work, providing a seamless and distinctive intellectual property service to its clients.
Prior to joining Walker Morris Heather was a senior associate at Appleyard Lees. Heather also gained valuable experience in her role as a Trading Standards Enforcement Officer dealing with anti-counterfeiting. She advises in all aspects of non-contentious and contentious work and has a particular expertise in trade mark oppositions, cancellation actions and advising on trade mark infringement.
Walker Morris Head of Intellectual Property Rupert Bent said:
“Heather’s appointment reinforces the Team’s specialist trade marks experience and expertise. In particular, her experience of managing trade mark portfolios both in the UK and overseas will fit perfectly with our growing international trade mark portfolio work for global clients.
Intellectual Property is a growing area of the business and Heather’s recruitment is one of a number of appointments we are seeking to make in line with the wider Firm’s strategy of talent engagement. This growth is likely to continue as evolving technology increasingly necessitates the integration of Intellectual property expertise with other facets of law such as data protection, technology, commercial and corporate law.”
Specialist lawyers at Walker Morris have advised Endless in its backing for the MBO of Imtech UK from its bankrupt Dutch parent to safeguard 2,500 jobs at the technical services provider.
The new business will be led by Managing Director Paul Kavanagh and is expected to also include the Irish division of Imtech once a separate deal is concluded. The business remains in a good position, with a significant order book.
The break-up of the global group, which operates in 35 countries, comes after the group collapsed earlier this month.
It is the seventh investment in five months for Endless, which has quickly started putting its £525m Fund IV to use after it was launched in April.
An Endless spokesperson said:
“Imtech UK & Ireland are profitable, well run businesses which through no fault of their own have experienced a short period of uncertainty following their Dutch parent's insolvency. That was caused by troubles at the German subsidiary. We are moving quickly to provide Paul and his team with the funds they need to get this profitable business back to normality and properly capitalised again. We look forward to helping them grow their business in the coming years.”
Debbie Jackson, Corporate Partner, Peter Considine, Finance Partner and Simon Anderson, Construction Partner led the specialist team with support from Gawain Moore, Catherine Raftery, Jon Healey and Jo Stephenson.
Debbie Jackson, Corporate Partner at Walker Morris said:
"This transaction provides Endless with another opportunity to grow a business within their investment portfolio. It also highlights our ability to provide strong teams of specialists who can react quickly to support our clients’ investments”