News & Events | News

Tuesday 1st April 2008

SJ Berwin has further demonstrated its growing reputation for leveraged finance winning the mandate to advise Bank of Scotland and Bank of Ireland on the debt finance aspects of Global Radio's £375m recommended bid for GCap Media plc, owner of London's Capital Radio. SJ Berwin won the mandate having previously advised Bank of Scotland on the financing for Global Radio's £170m buy-out of Chrysalis Radio last year and also advised Bank of Scotland and Bank of Ireland on the financing of Global Radio's unsuccessful bid for EMAP's radio stations just before Christmas. If successful the bid will create the UK's largest commercial radio Group with well-known brands such as Capital Radio, Heart FM, Classic FM and Galaxy. Global Radio is headed up by former ITV Chief Executive Charles Allen and includes as one of its executive directors Fame Academy judge Richard Park, who has over 10 years experience in the radio and music industry and who was credited with much of the early success of Capital Radio.

The SJ Berwin team was led by Finance Partner Stuart Brinkworth (assisted by Associates Robin Spender and Katy Kingston) and included Corporate Partners Mark Sanders and William Holder, Competition Partner Tom Usher and Media Partner Charlotte McMillan.

Commenting on the transaction Stuart Brinkworth said:

"We are very pleased to have completed what was a challenging transaction in a very challenging debt market. In completing this transaction in just two weeks shows that we are able to handle complex transactions of this nature by fielding large multi-disciplinary teams that can get the job done with maximum effect and minimum fuss. This was a real team effort by all concerned."

Denis Knockton, Director in the Strategic Relationships Group at Bank of Scotland, said:

"Working closely with the executive directors of Global, its advisors KC Capital and the team at SJ Berwin was key to our getting to grips with various twists and turns we faced with this transaction and in bringing it to a close in what was a very aggressive timetable. The SJ Berwin team once again proved a valuable partner to BoS in helping to get this across the line in a practical and efficient manner."

Global Radio were advised by Clifford Chance, led by Corporate Partner Joel Ziff (assisted by Associate Katy Sim) and Banking Partner Jim MacHale (assisted by Associate Ross Ollerhead). Global Radio turned to Slaughter & May Partner Philippe Chappatte for Competition advice. GCap Media plc was advised by Freshfields Corporate Partner William Lawes.  Allen & Overy (led by Jonathan Brownson) advised Global Radio's financial adviser, UBS, on the cash confirmation.

For further information please contact:

Stuart Brinkworth on +44 (0)20 711 2050, email stuart.brinkworth@sjberwin.com  or Amanda Nassar on +44 (0)20 771 2658, email amanda.nassar@sjberwin.com.

Notes:

• SJ Berwin LLP is a full-service international legal practice with more than 550 lawyers across its offices in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.
• SJ Berwin was created and thrives as a leading-edge legal services business, focusing on the European and international market place. Our clients are sophisticated buyers of legal services, principally entrepreneurial companies and financial institutions, whom we advise on a comprehensive range of services including Corporate Finance, Financial Markets, Commercial, Real Estate, Finance, Reconstruction and Insolvency, Litigation, Employment & Pensions, EU & Competition and Tax.
• Our approach has resulted in the firm winning a number of recent awards including UK Firm of the Year at the Chambers Global Awards 2007, Fund Formation Team of the Year 2007,  The Lawyer Awards Corporate Team of the Year - Mid Markets 2007, European Law Firm of the Year (EVCA) 2007 for the third consecutive year, Private Equity Law Firm of the Year (EVCJ) 2007 for the fourth consecutive year,  Best Law Firm (Fund Formation) 2007 (Private EquityOnline and Private Equity International) for the sixth year running; Competition Team of the Year - Legal Business Awards 2006; Law Firm of the Year 2006 at the EVCA/Real Deals Private Equity Awards for the fourth consecutive year; Fund Formation Team of the Year 2006 - Financial News/Private Equity News Awards; No 1 in Legal Week’s Law Firm Satisfaction Survey 2005; UK Firm of the Year - Legal Week Awards 2005; Real Estate Team of the Year - Legal Business Awards 2005; Real Estate Team of the Year - The Lawyer Awards 2005; Stephen Kon awarded Best Achievement in Copyright Practice at the World Leaders European IP Awards 2005; Jonathan Blake named Global Private Funds Lawyer of the Year by The International Who’s Who of Business Lawyers; Jonathan Blake was admitted to The BVCA Hall of Fame, the only adviser to have been.
• The core Finance Department grew by 45% in 2006, an increase of 85% over the past three years. The department comprises 11 partners and over 40 fee earners. Key bank clients include Bank of Ireland, Bank of Scotland, Barclays Bank plc, Landsbanki Islands h.f., Lehman Brothers, Lloyds TSB Bank plc, NM Rothschild & Sons, Standard Chartered Bank , and The Royal Bank of Scotland plc. The department works closely with other departments within the firm, in particular the Financial Markets Group on regulatory and derivatives work, the property finance group in the Real Estate Division and the media finance group. It advises a wide range of banks and other financial institutions, corporates and revenue capitalists. The growth of the finance practice in London is reflected in recent significant expansion in our offices in Frankfurt, Paris, Madrid and Milan, whose practices include both domestic and crossborder financings.
• On 1 June 2005 SJ Berwin became SJ Berwin LLP, a limited liability partnership www.sjberwin.com.
• SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.