Glovers act for Pineapple Corporation PLC for their listing on the Euro MTF market of the Luxembourg Bourse.

Glovers Solicitors LLP acted as the advisors on the listing of Pineapple Corporation PLC (“Pineapple”) on the Euro MTF market of the Luxembourg Bourse.  Kaupthing Bank sponsored the listing and Arendt & Medernach advised Kaupthing on the Luxembourg listing rules.

Paul Gilks and Gemma Davis of the Corporate Department acted for Pineapple on the conversion from a private limited company to a UK incorporated PLC prior to the listing.  They also advised on the prospectus for the listing, the new Articles of Association and the application of the Financial Services and Markets Act 2000.

Pineapple is a property investment company, with a diverse portfolio of high value properties.   Pineapple was founded by Tom Berglund and has a broad shareholding of private investors.

Pineapple has grown impressively in the last 6 years and considered floating on the Alternative Investment Market (AIM) or the full list in the UK.  However, it was attracted by the simpler and more cost effective means of flotation on the Luxembourg Euro MTF Market.

For more information please contact Paul Gilks on 020 7399 3916.

Glovers Solicitors LLP acted for Rawlinson & Hunter in relation to the acquisition of their new office premises at the prestigious Land Securities Development known as New Street Square, London EC1.

Andrew Nicklinson advised Rawlinson & Hunter in relation to the property aspects, whilst Philip Eyre provided construction law advice.   Rawlinson & Hunter took a new 15 year lease of the Eighth Floor Building 6 New Street Square.   Glovers Solicitors LLP worked alongside the client’s project managers, King Sturge LLP, in relation to extensive fit-out proposal relating to the Property. 

The transaction comprised a high six-figure rent, in addition to an involved title investigation.  It also involved negotiations relating to the surrender of the client’s existing lease with another landlord.

Chris Bliss, Rawlinson & Hunter's finance partner, said "Glovers provided us with an efficient pro-active service, which fully met our high expectations".

For more information, please contact Andrew Nicklinson on 0207 629 5121 or by e-mail: anicklinson@glovers.co.uk

Glovers acted for Anglo Irish Bank in relation to a facility to Nicholas King Homes PLC for the acquisition and development of Lamb’s Club, Chiswell Street, London, EC1Y.

The Lamb’s Club was held in an SPV acquired by Nicholas King Homes PLC for redevelopment as a high profile residential development. 

Richard Gilchrist of the banking and finance department advised Anglo Irish Bank on the banking and property aspects of the transaction and Gemma Davis of the corporate department advised on the share acquisition documents and the financial assistance aspects.

Glovers has advised Anglo Irish Bank on a series of high value residential development financing transactions in the past 12 months.

For more information please contact Richard Gilchrist on 0207 399 3921 or rgilchrist@glovers.co.uk.

Glovers advise on €22 million facility for Targetfollow’s first German Acquisition

Paul Gilks advised Targetfollow Köln B.V and Targetfollow Köln (Logistics) B.V on the €22 million facilities from Nationwide Building Society to acquire interests in six German properties.

This is the first acquisition completed by Targetfollow in Germany.  Glovers advised on the structure and terms of the facilities and also liaised with Targetfollow’s Dutch and German advisers on property, tax and corporate issues.

For further information please contact Paul Gilks (020 7399 3916).

Paul Gilks and Gemma Davis of the Corporate Department advised Quay Technologies Limited on the sale of its technology business to Severn Trent Services.

Severn Trent Services purchased the business of Quay Technologies Limited, manufacturers of a proprietary ultraviolet (UV) technology for use in water and wastewater disinfection.  Quay Technologies patented a microwave-powered UV system which offers significantly improved reliability and bulb life, resulting in lower overall operating costs when compared with traditional techniques.  Severn Trent Services will offer the Quay UV systems to the water and wastewater treatment market under the new name, “MicroDynamics”.

“The unique Quay technology strengthens Severn Trent Services’ position in providing UV solutions for the growing global water and wastewater disinfection treatment markets.  Our customers will benefit by having access to universally accepted UV disinfection results that are delivered in a much more efficient and reliable manner,” said Thomas M. Mills, the company’s vice president of marketing and business development.

For further information please contact Paul Gilks on 020 7629 5121 or email pgilks@glovers.co.uk.

GLOVERS CONTINUE TO ACT FOR PREZZO PLC AS THE COMPANY OPENS ITS 100TH RESTAURANT

Glovers led by Partner, Philip Shotter, and supported by Partner, Andrew Nicklinson, and Associate, Helen Waller, have acted for Prezzo Plc as it continues its roll-out of restaurants, with Glovers undertaking the property and licensing work on 30 new restaurants in the last year.  Prezzo Plc trades under its ‘Prezzo’; ‘The Ultimate Burger’;‘Chimichanga’; ‘iMMO’ and ‘Shecky’s’ concepts.

For further information please contact Philip Shotter on 0207 629 5121 or e-mail pshotter@glovers.co.uk

Glovers advise Davon Limited as funding adviser

Paul Gilks advised specialist mezannine funding adviser Davon Limited, as the funding adviser to Strata Residential LLP (the “Fund”), a unique fund to provide mezzanine finance to residential development projects.

Richard Gilchrist and Liza Lam-Kee of Glovers have been appointed to advise the Fund on its mezzanine investments.

For further information contact Paul Gilks direct on:
Tel: 020 7399 3916 or pgilks@glovers.oc.uk

£8.5 MILLION FINANCING OF THE ACQUISITION AND DEVELOPMENT OF A SITE AT SEER GREEN, BUCKS FOR GMAC-RFC PROPERTY FINANCE LIMITED

Richard Gilchrist advised GMAC-RFC Property Finance Limited on the acquisition and development financing of a site at Seer Green, Bucks.  The Borrower, Belstone Homes Limited, is proposing to build 8 executive detached houses at this premium location.

Glovers has acted on a series of transactions for GMAC-RFC Property Finance Limited in the last six months.  For further information please contact Richard Gilchrist on 020 7629 5121 or e-mail rgilchrist@glovers.co.uk

FINANCING OF THE ACQUISITION AND DEVELOPMENT OF 24 HIGH CLASS APARTMENTS AT WEYBRIDGE, SURREY FOR GMAC-RFC PROPERTY FINANCE LIMITED

Richard Gilchrist advised GMAC-RFC Property Finance Limited on the acquisition and development financing of a site at Weybridge, Surrey.  The Borrower, Danesfield Homes, is proposing to build 24 high class apartments in this popular location in Surrey.

For further information please contact Richard Gilchrist on 020 7629 5121 or e-mail rgilchrist@glovers.co.uk

£430 million Term Loan, Additional Facilities and Revolving Advance Facility

Paul Gilks and Gemma Davis represented Targetfollow Group Limited on the £430 million Facility from HBoS

The existing debt of £380 million was renegotiated principally to simplify the Borrowers covenants.  An additional facility of £50 million is a new “War Chest” facility intended for use by Targetfollow Group Limited to fund the equity investment in various property projects outside the Group

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

£42.5 million restructuring and refinancing of the Empress Portfolio

Paul Gilks represented Targetfollow (Regional) Limited on the £42.5 million Facility from Norwich Union to fund the inter group restructuring and subsequent refinancing of a Portfolio previously held as part of Targetfollow Group. This included the simultaneous inter group acquisition of eleven companies.

Gemma Davis of Glovers also worked on the transaction.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

Glovers advised Winkworth on the grant of four new Franchises during 2006

The Winkworth business established its first estate agency in Mayfair in 1835.   In 1981 Winkworth decided to expand its services throughout London and granted its first franchise in Knightsbridge.  Since then, Winkworth has continued to expand its franchise business throughout London, as well as in Yorkshire, the East Midlands and the South East.

Glovers first acted for Winkworth Franchising Limited (“Winkworth”) as a corporate client at the end of 2005. Gemma Davis, Philip Woodruff and Paul Gilks of the corporate department have advised on the grant of four new Franchises in the first year.  The Franchise Agreements are based on a standard form but are tailored to the individual transaction.  The grant of new franchises is often complicated with the changeover from one franchisee to another.

Franchisees often run their business through service companies. Glovers provide advice and documentation to ensure that Winkworth’s interests are protected. 

The property aspect of the transaction is very important to Winkworth as the location of their franchises comprise a significant aspect of their goodwill.  Philip Shotter of the property department has advised Winkworth on the property aspects. 

For further information please contact Gemma Davis on 020 7399 3901 or at gdavis@glovers.co.uk.

The Property and Corporate Departments of Glovers advised Pineapple Corporation Limited (“Pineapple”) on its most recent property acquisition

Andrew Nicklinson and Stella Meytanis (Property Department) advised Pineapple and the funder, Natwest, in respect of the 70 residential properties in Chelsea and Fulham comprising the portfolio. Harold Benjamin also acted for NatWest.

Paul Gilks and Gemma Davis (Corporate Department) advised Pineapple on the acquisition of the two companies (“the Companies”) which held the properties, for an aggregate consideration of £6.5 million.

Paul Gilks also advised on the granting of a £14,400,000 new facility by Natwest, part of which was used to acquire the Companies.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

The financing of an acquisition of office units in Ealing by Investec Bank (UK) Limited

Richard Gilchrist advised Investec Bank (UK) Limited on the financing of the acquisition of a seventeen unit office development in Ealing.  Glovers has acted for Investec for a number of years on both investment and development financings.

For further information please contact Richard Gilchrist on 020 7629 5121 or e-mail rgilchrist@glovers.co.uk

£62 million refinancing of Glintack Limited

Paul Gilks, Richard Gilchrist and Philip Woodruff advised Glintack Limited and associated UK incorporated companies Speycress Estates Limited, FGL Investments Limited, Dyle Limited, Grand Central Limited, Targetfollow (Stockport) Limited, Targetfollow (Dover) Limited and Targetfollow (Riverside) Limited on new facilities of £62 million from Nationwide Building Society. All companies are associated with Targetfollow Group Ltd.

The transaction was unusual because the Borrower and the associated companies were in common ownership but not in a group relationship.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

Glovers advise on £57.5 million acquisition finance for Tolworth Tower

Paul Gilks advised Stevenor Investments Ltd, a company associated with Targetfollow Group Ltd, on the £57.5 million facility from Norwich Union to acquire Tolworth Tower.  Tolworth Tower is a landmark building occupying a prominent position on the A3 Kingston bypass.

It comprises a mixed use complex providing high quality office accommodation and retail and leisure facilities within an established self-contained commercial centre.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

INETEC LIMITED RAISES £2.5 MILLION

Paul Gilks represented Foursome Investments Limited (“Foursome”) on the recent £2.5m investment funding round in Inetec Limited.

Foursome specialises in early stage and development capital investments in the clean tech sector. “Clean Technologies” are products, services and processes that harness renewable materials and energy resources, dramatically reduce the use of natural resources or eliminate emissions and wastes.

Inetec uses its proprietary technology to convert industrial food waste into a stable biofuel.  This biofuel can then be converted into gas and combusted in a combined heat and power plant to produce heat for industry and renewable electricity for the grid. 

Inetec benefits from the further advantage that its patented technology is the only commercially available solution able to treat all types of food waste without the need for pre-treatment, packaging removal or adjustment of the machine.

The combination of rising landfill costs and increasing legislative pressure to develop sustainable waste disposal methods and renewable energy has created a significant market opportunity for Inetec, whose solutions address both of these challenges.

For further information contact Paul Gilks on direct tel 020 7399 3916 or at pgilks@glovers.co.uk

FINANCING OF A DEVELOPMENT SITE IN BARBADOS FOR KAUPTHING SINGER & FRIEDLANDER LIMITED

Andrew Parker advised Kaupthing Singer & Friedlander Limited on the financing of a development site owned by Netanya Property Holdings Inc. at Netanya on the Sea, St James, Barbados.  The Borrower is proposing to develop 12 luxury apartments on the site.

Glovers has acted on a series of transactions for Kaupthing Singer & Friedlander Limited in Barbados and St Lucia.  The Bank is looking at further deals there and also in Grenada and Turks & Caicos.

For further information contact Andrew Parker on 020 7629 5121 or email Aparker@glovers.co.uk

PAUL GILKS AND PHILIP WOODRUFF ADVISE PANAVISION EUROPE LIMITED ON THE ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF GR INTERNATIONAL LIMITED

Panavision Europe Limited is a UK subsidiary of Panavision Inc., the market leader in film-making equipment and imaging technology. GR International Limited carry on the business of perforation and lamination and have supplied perforated and laminated products to the Lee Filters division of Panavision for a number of years. Panavision have now brought this capability in-house.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

£21 MILLION DEVELOPMENT FINANCING FROM KAUPTHING SINGER & FRIEDLANDER

Richard Gilchrist acted for senior and mezzanine debt provider, Kaupthing Singer & Friedlander, on the £21 million acquisition and development financing of the former Royal Sea Bathing Hospital, Margate. The borrower, Paigle Properties, has planning permission to refurbish the existing building and construct new residential units on the remainder of the site – a total of 110 units in all. This will be a keynote development in the centre of Margate, which is already established as one of the UK’s property ‘hotspots’.

This is just one of a series of development and investment deals where Glovers has represented Kaupthing Singer & Friedlander in the last twelve months. Our highly rated construction team has provided invaluable advice on each development transaction.

For more information contact Richard Gilchrist on 020 7629 5121 or at email rgilchrist@glovers.co.uk

JOHN BARBER AND PHILIP SHOTTER ADVISE RESTAURANT CLIENTS ON NEW PREMISES IN CARDINAL PLACE, LONDON SW1

John Barber advised Nando's and Philip Shotter advised ASK Restaurants Limited on new leases of restaurant premises in Land Securities' flagship new development in Victoria, London SW1

John and Philip have both been active in recent months on behalf of Nando's and ASK respectively with new Nando's units completing at Meadowhall, Sheffield and Hatfield Galleria and ASK taking new units at Festival Square, Basingstoke and Paddington Central.

For further information on Restaurant and Leisure transactions please contact John Barber or Philip Shotter on 020 7629 5121 or by e-mail jbarber@glovers.co.uk or pshotter@glovers.co.uk

Glovers advise on £1.8 million BIMBO of MacInnes Limited

Paul Gilks and Philip Woodruff advised the shareholders of MacInnes Limited on the £1.8 million Buy In Management Buy Out of the Company.  The consideration was satisfied by a combination of cash, loan notes and shares in the Purchaser.  Bank of Scotland provided £950,000 of facilities to the Purchaser to fund the transaction and to provide working capital for the business. 

MacInnes, trading under the name Mac4, provides TV post production, marketing and advertising related services.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

DEVELOPMENT AND ACQUISITION FINANCING FOR ANGLO IRISH BANK

Richard Gilchrist advised Anglo Irish Bank on the financing of the purchase of the former Waitrose store at Ealing and its subsequent redevelopment.  Waitrose recently opened a new superstore adjacent to the site and has completed the demolition of the old store.  The developer, Nicholas King Homes plc, has exciting plans to build a new 83 apartment block on the site.

Glovers has acted on a series of transactions for Anglo Irish Bank on the funding of developments being undertaken by Nicholas King Homes plc.

For further information contact Richard Gilchrist on 020 7629 5121 or email Rgilchrist@glovers.co.uk

ACQUISITION OF CENTRE POINT, LONDON

Paul Gilks represented Targetfollow Group Limited on a substantial new facility from HBoS to fund the acquisition of Centre Point, London for £85million.  Richard Gilchrist and Philip Woodruff of Glovers also worked on the transaction which had to be completed within a tight timescale. 

The 385 foot high Centre Point Tower is one of the most famous buildings in London’s West End and was one of the first skyscrapers in London.  Since 1980 it has been the headquarters of the CBI.  In 1995 Centre Point was given Grade II Listed Building status.

For further information contact Paul Gilks on direct Tel 020 7399 3916 or at pgilks@glovers.co.uk

£9 MILLION REFINANCING OF SOHO CLUBS AND BARS

Alphatone Ltd acquired Soho Clubs and Bars, which owns several high profile clubs such as Shadow Lounge and Jewel, in late 2004. In August 2005 Glovers’ Andrew Parker acted for Alphatone on the £9 million refinancing of its term loan debt with Barclays Bank plc. The client required the completion of certificates of title within a very short time scale and Andrew worked with a team of two qualified lawyers and a trainee to meet the deadline.

For more information contact Andrew Parker on 020 7629 5121 or at email aparker@glovers.co.uk

£15.2 MILLION FACILITY FROM ANGLO IRISH BANK

Glovers partner, Andrew Parker, acted for Anglo Irish Bank on a £15.2 million facility to assist with the acquisition and development of over 40,000 square feet of commercial premises in Bermondsey, London SE1. The borrower is part of a larger group of companies, which has already played an acclaimed part in the rejuvenation of the area. The new loan was cross collateralised across the group, which has existing borrowings in excess of £150 million. Glovers has acted for Anglo Irish Bank on the majority of its loans to the group.

For more information contact Andrew Parker on  020 7629 5121 or at email aparker@glovers.co.uk

£11.45 MILLION FACILITY FOR JUST JAMIE AND FIFTH AVENUE MERGER

Paul Gilks acted for Just Jamie Holdings Limited in its merger with Fifth Avenue Holdings by which 3i plc divested of its interest in Fifth Avenue. Both companies are suppliers of ladies skirts and jackets to leading retailers such as Arcadia and BHS. The merger was brought about by the increasingly competitive conditions prevailing in the high street. Fellow partner, Richard Gilchrist, also advised the new holding company, J5 Limited on new banking facilities from Lloyds TSB totalling £11.45 million, comprising a term loan facility of £4.45 million and a new working capital facility of £7 million.

For more information contact Paul Gilks on direct tel 020 7399 3916 or at email pgilks@glovers.co.uk

£290 MILLION FINANCING OF TARGETFOLLOW GROUP

Paul Gilks and Richard Gilchrist of Glovers acted on the £290 million financing of property investment, development and management company, Targetfollow Group.

Focused on urban centres and brownfield sites, Targetfollow has a substantial portfolio in more than 20 UK towns and cities, including Baskerville House in Birmingham, a Grade II listed showcase office development of almost 200,000 sq ft and England’s largest speculative office development outside London. The £290 million facility, provided by Bank of Scotland Corporate, will fund future acquisitions, working capital and the buyout of minority shareholders.

The transaction was technically demanding and required financial assistance to be given by 30 of Targetfollow’s subsidiaries in the UK. Despite these challenges, the transaction was completed well within the five week timescale set by the client.

For more information contact Paul Gilks on direct tel 020 7399 3916 or at email pgilks@glovers.co.uk

KINGS COLLEGE HOSPITAL NHS TRUST

Andrew Nicklinson acted for Kings College Hospital on its disposal of Dulwich Hospital and a site at Crystal Palace to a local Primary Care Trust for a total of £23 million.  The transaction completed in April this year.

The disposal was an integral part of the intended development of various sites in south east London by the PCT as a new primary care facilities including a community hospital at the Dulwich site.  The disposal and the intended development formed part of the Local Improvement Finance Trust (LIFT), a hybrid PFI which is designed specifically for the NHS.

The transaction involved members from both Glovers’ Commercial Property and Property Litigation Teams, due to the extent and variety of occupiers on the Dulwich Hospital whose occupational arrangements had to be regularised in order to gain vacant possession.  The direct impact of NHS and LIFT requirements and legislation presented numerous hurdles to the professional teams advising all parties in the transaction.

For more information contact Andrew Nicklinson on 020 7629 5121 or email anicklinson@glovers.co.uk