Press releases

Deals report - BAI International and Marlwood Plc

Press Release: 13th October 2009

Manchester law firm Pannone LLP and Altrincham based solicitors, Myers Lister Price have advised on a deal that has led to a Cayman Islands Stock Exchange listing for Marlwood Plc.

The Pannone team was led by Martin Caller, Danny Varney and Tom Hall from the firm’s Corporate department, who acted for BAI International Limited and Hannah Martin Holdings Limited on the disposal of its professional wholesale clearance distribution (BAI) and branded merchandise (The Licence Factory) businesses to trading subsidiaries of Marlwood PLC. The consideration was satisfied entirely by the issue of and allotment of shares in Marlwood Plc, with an aggregate value of £6.3 million.

Myers Lister Price Solicitors acted for Marlwood Plc in relation to the listing and subsequent acquisitions. Its team was led by Joe Glass with Richard Riley from the firm’s corporate department.

Pannone and Myers Lister Price Solicitors also advised their respective clients in relation to the listing, fund raising and financing.

Marlwood Plc was listed on the Cayman Islands Stock Exchange, believed to be a first for a retail business in the UK. Marlwood raised £1.2 million by way of a private placing and entered in to new financial facilities with BAI’s existing debt funder. Cenkos Channel Islands Limited acted as broker, Maples and Calder as listing agent and White & Company provided financial advice to the sellers.

Commenting for the new Marlwood Group, The Managing Director, Pam Hulme said,

"The Board is delighted to complete what proved to be a challenging transaction concluded by excellent professionals. The Group is now well placed to take advantage of opportunities within its markets."

For further information contact: 0161 926 9969, info@mlpsolicitors.co.uk