70-Eggar 14/12/09 10:34 Page 70
RAISING FINANCE
mandadeals.co.uk
Charting a course
Daniel Bastide, a partner at law firm Thomas Eggar, talks to James Harris about
new finance structures and a ship called the Hebridean Princess
I
t’s no secret that corporate practices at
law firms have taken a beating this year.
Daniel Bastide, a partner at Thomas
Eggar, says: ‘M&A reached a high
watermark in 2007, and deal activity has
retreated significantly from there.’
The practice was forced to make some
tough choices: ‘We had to slim down to
respond to market conditions, but I don’t
think anyone has avoided making those
decisions,’ says Bastide.
The M&A team, which focuses on
mid-market private company deals,
comprises eight of the firm’s 74 partners,
who are spread across offices in Gatwick,
Newbury, Southampton and London.
points out that banks are reluctant to
‘Until the election, we’re all living in a phony war because
provide funding for distressed deals and the
we don’t know what the economic drivers will be’
rules on pre-packaged administration sales
have tightened.
The deal environment has clearly been
As businesses struggle to obtain crucial her 80th birthday celebrations, out of tough, but there are signs of an
growth capital, the firm has seen some administration for £1.4 million. improvement: ‘Price expectations have
alternative arrangements emerging. Bastide The Hebridean Princess offers luxury come down and there is a bit more credit
says: ‘We’ve seen a lot of high-net worth cruises around the Scottish isles as well as available thanks to government action.
individuals, often using offshore tax the Norwegian fjords, but according to People have more confidence that we’re in
structures, making loans and investments Bastide the deal was no pleasure cruise. a recession rather than a depression.’
into businesses where they see potential.’ All Leisure had to try and reinstate the Bastide is uncertain about next year:
Bastide notes that unlike business angel contracts with holidaymakers as quickly ‘Until the election, we’re all living in a
networks, these private investors are not as possible, as well as untangle complex phony war because we don’t know what
making equity investments, but instead they insurance policies. the economic drivers will be. In particular
are making debt investments with ‘quite Says Bastide: ‘The key point to make is any changes to capital gains tax could
racy interest rates’. buyer beware. When buying out of make quite a difference to the market.’ ■
administration, you may think you’re
SETTING SAIL getting a good price, but there will be some Daniel Bastide
Thomas Eggar has also seen its fair share of unexpected things that will cost you.’ Belmont House, Station Way,
distressed deals. This year the team Although there is no shortage of Crawley, West Sussex,
represented All Leisure Group in its companies tipping into financial distress, RH10 1JA
acquisition of the Hebridean Princess, the deal-hungry businesses looking to pick up a Email:
daniel.bastide@thomaseggar.com
boat the Queen took around Scotland on bargain may be disappointed. Bastide Tel: 01293 742756
70 Mergers & Acquisitions
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