Leading legal business DWF has advised long-term client Clydesdale Bank PLC on the financing of London-based estate agent Portico’s most recent acquisition.
Portico’s acquisition of east London-based Spencers has taken the estate agent’s total offices up to 20 across London and its headcount up to circa 200 employees. Clydesdale Bank was able to facilitate the acquisition for its long-standing customer with a funding package following advice from DWF, supporting Portico’s main objective to expand its presence in the London real estate market.
DWF director Amrish Sharma led the deal team with banking associate Leah Glover and support from associate Joanna Oleniuk. Partner Richard Tall led the corporate side with assistance from senior solicitor Joe Cobley.
DWF head of banking in London Iain Shurwood says: “Our banking team in London has seen rapid growth over the last two years, from just one person in 2014 to a team that is now 15-strong – this is testament to the team’s ability to deliver high value legal services to our clients time and time again. We’re on the panels for a large number of the UK’s major financial institutions and we act for building societies, private equity funders, corporate borrowers and the clearing banks.”
Mark Cook, director of specialist and acquisition finance at Clydesdale Bank, says: “Having worked with Portico for almost a decade and supported their growth from a single office to 20 branches, it’s really important for us to know we can rely on Iain and his team at DWF for high-quality, efficient legal advice when our clients need us. The team at DWF immerses itself in the industry and has a deep understanding of what we need.”
DWF previously advised Clydesdale on the completion of a senior debt and loan note refinance in November 2014 and continues to advise the bank across several areas, including real estate finance and development finance in the hospitality sector.