Muckle delighted with fantastic start to year

Jun 16 2010 by Peter McCusker, The Journal

COMMERCIAL law firm Muckle has had a record start to the year notching up 25 transactions with an aggregate value of more than £325m.

The Newcastle firm’s corporate finance and banking team’s first quarter included the sale of South Shields-based Visage Group to Hong Kong’s Li & Fung for £173m which is one of the largest private sales in the North East.

Muckle also advised on the sale of Newcastle advertising firm Robson Brown to California-based Round 2, the £10.5m acquisition by way of public takeover of BNS Telecom Group by Daisy Group and the £4m investment in the Tanfield Food Company by a Swiss-based investor.

Craig Swinhoe, partner in the corporate finance team at Muckle, said: “I am delighted at this result as it is testament to the hard work and track record of both our corporate finance and banking teams.

“The teams have a wealth of expertise and it has been great to offer businesses support on a broad scope of areas, spanning acquisitions, disposals, management buyout/management buyins, investments and venture capital, corporate insolvency, reorganisations and refinancings.”

For the last two years, the corporate finance team at Muckle has won Corporate Law Firm of the Year at the Insider Dealmaker Awards for the North East region.

Mr Swinhoe added: “While the market has undoubtedly been difficult in light of the wider economy, we have remained consistently busy with a good mix of high-profile deals and smaller transactions for our core owner-managed client base.

“There currently seems to be an increased level of deal activity in the region, but whether this continues remains to be seen.

“The Finance for Business North East Fund should go some way to helping to maintain this growth, by helping small and medium-sized companies to access important finance, but it is vital that the banking industry supports this growth by making finance available to firms when it is required.”

Muckle has also been active this month having acted for the owners of Northumberland-based Fone Logistics on its £3.6m sale to Daisy Group.

Muckle has had a long-standing relationship with Ian Gillespie, majority shareholder of Fone Logistics for the past 15 years, but also advised the Gillespie family prior to this on its Nat Comm telecommunications business, which was sold in the 1990s.

Hugh Welch, senior partner at Muckle, said: “We pride ourselves on strong relationships with our clients and have been with the Fone Logistics business every step of the way – from its inception, to growth to its sale.

“Muckle has been advising Fone Logistics on the legal aspects of a variety of day-to-day business issues over the years, including property, trading contracts and employment. We very much appreciate the loyalty the Gillespie family has shown to this firm.”

Ian Gillespie, who has now launched a phone company called Activ, said: “The telecoms market is getting more and more competitive and is ripe for consolidation.

“Muckle has advised us on everything we’ve been through.”