Press Release
20 April 2007
Continued growth for McGrigors with strong six-monthly figures and new partners announced
UK law firm McGrigors LLP has today announced interim results for the six months to March 2007 that show continued growth for the firm, building on the strong performance in 2005/06.
Turnover grew to £29.6 million, an increase of 25% over the same period last year and ahead of where McGrigors itself was expecting to be.
Managing Partner, Colin Gray, commented: “These six-monthly figures show the continued growth that the firm is enjoying from a strong business pipeline. The 25% year-on-year growth reflects the high quality of the work that we are undertaking for a number of large clients. It's about leveraging the breadth of services offered to clients, from corporate, funding, employment, pensions, tax and regulatory/risk advice to property investment as well as the strength of our offerings in specialist sectors such as infrastructure, house building and energy.”
In addition, McGrigors is pleased to announce that Glasgow-based Alan Cook and London-based Rupert Shiers have both entered the partnership.
Alan, who works on property investment and development and is part of the McGrigors Real Estate team, has led on a number of key successes for the firm. These include the acquisition, development and letting of Westway Retail Park for Cumbernauld Retail Park Limited Partnership (a JV between Halladale Group and Carlyle Real Estate Investors), the development, letting and funding of a number of health centre developments in Scotland and England, and the disposal of investment properties in Scotland and England. He has a particular involvement in property tax issues and spent 11 months on secondment with KPMG’s Stamp Taxes Group in 2003.
Rupert, who advises corporates and high net-worth individuals on resolving tax disputes with HMRC, is part of the McGrigors Tax Litigation and Investigations team. He advises on the technical and tactical management of difficult HMRC enquiries and on appeals to the tax tribunals and the Courts. He has a specialism in defending tax planning, and also advises clients on the impact of EU law on their UK tax position. This includes references to the European Court of Justice and pursuing EU-based claims in the English High Court.
Colin Gray said: “I am delighted for Alan and Rupert who have led on some outstanding work for clients. Their promotion reflects McGrigors commitment to investing in our people and recognising the outstanding work carried out at all levels across the firm.”
Major transactions on which McGrigors advised in the last six months include:
Northern Ireland Waste Water PPP project
McGrigors acted for Glen Water Ltd, a joint venture company between Thames Water and Laing O’Rourke, in relation to a £122 million contract by Water Service to deliver its Waste Water Treatment and Sludge Disposal Project, Project Omega, one of the UK’s largest Public Private Partnership schemes. The project will enable Northern Ireland to comply with strict EU standards and regulations on wastewater treatment and sludge disposal.
Acted for Abu Dhabi State to close successful North Sea deal
McGrigors advised the Abu Dhabi State National Energy Company (also known as Taqa) in its US$550m acquisition of Talisman Energy’s non-operated interests in the Brae assets of the North Sea. The deal is the first purchase by Taqa of assets in the UK Continental Shelf (UKCS) and marks the start of a concentrated period of acquisition and development as the company looks to grow its international asset portfolio.
Advised on sale of Eldridge Pope to Marston's PLC
McGrigors acted for pub supremo, Michael Cannon on the landmark sale of Eldridge Pope, the Dorset-based pub group, for £155.1 million to Marston’s PLC. The deal highlighted the strength of McGrigors corporate practice group and demonstrated its ability to act on such complex mid-market deals. This landmark deal was the first disposal of a private equity bid vehicle involving unlisted stub equity.
Dundee Schools Project
McGrigors advised Ambac Assurance UK Limited (Ambac UK) in the circa £104 million Dundee Schools PFI project for Dundee City Council. Under the 30-year contract, Robertson Construction Tayside, Robertson Construction Central and Sir Robert McAlpine will build and maintain six new primary schools and two new secondary schools.
Neuropharm IPO
McGrigors advised speciality pharmaceutical group Neuropharm Group plc on its AIM market listing in March 2007. Based on the Placing price, the market capitalisation of Neuropharm on admission was £40.0 million. For McGrigors the deal demonstrates its comprehensive knowledge of advising companies on AIM market matters.
Austrian roads PPP
McGrigors acted for European Investment Bank, in closing a 945 million Euros PPP deal for a major road project in Austria. The deal is Austria’s first ever public private partnership project and will see construction of a section of 51km of road, including the north-east section of the Vienna ring-road and motorway from Vienna towards the Czech Republic.
Acted for KPMG in major office relocation
McGrigors acted for KPMG in relation to a landmark deal to relocate its Birmingham headquarters to the first office building at Ballymore Properties' £400m Snowhill scheme. The deal (believed to be the biggest pre-let outside London in four years), establishes the development that will create a new hub in Birmingham city centre comprising 600,000 sq. ft. of high quality office accommodation in two distinctive buildings, together with over 300 residential apartments, a five star hotel, restaurants, cafes and retail space. The transaction involved the negotiation of a highly complex Agreement for Lease, pursuant to which KPMG agreed to enter into a 20-year lease of 120,000 sq. ft. of Grade A office space at a record Birmingham rent for this size of letting.
Acted for ING Real Estate in four central London deals
McGrigors acted for ING Real Estate's Central London Fund on its acquisition of four mixed use and office buildings in a six month period in late 2006 and 2007 - 18-20 Cannon Street, 151-160 Wardour Street, 67-69 Lincoln's Inn Fields & 1-11 Remnant Street, and 5 Savile Row.
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com