Travers Smith has advised Duncan Lawrie Private Bank on the sale of its loan book and the sale of its wealth management business, Duncan Lawrie Asset Management, both of which were announced on 19 December 2016. Duncan Lawrie Private Bank is a subsidiary of long-standing Travers Smith client, Camellia plc.
The majority of Duncan Lawrie's UK loans and certain of its Isle of Man loans have been sold to Arbuthnot Latham & Co. Limited for a cash consideration of £42.7 million. A subsequent orderly wind down of Duncan Lawrie's deposit taking and other banking operations in the UK and Isle of Man is proposed. Following the sale of the loan book, Duncan Lawrie is fully funded to return all cash balances to clients.
Duncan Lawrie has also agreed, subject to regulatory approval, to sell Duncan Lawrie Asset Management Limited to Brewin Dolphin Limited, a subsidiary of Brewin Dolphin Holdings Plc, for cash consideration of £28.0 million. As part of the transaction, the portfolio management team of Duncan Lawrie Asset Management Limited will move to Brewin Dolphin, providing continuity of service for clients and access to Brewin Dolphin's broader investment management and financial planning offering.
The Travers Smith team was led by corporate finance partner, Anthony Foster, who was supported, on the sale of Duncan Lawrie Asset Management, by corporate associates, Jennifer Swift and Tom Gover and included banking partner, Charles Bischoff, banking associate Natalie Scoones and corporate associate, Jamie Lumsden on the sale of the loan book.
Sian Keall (partner) and Alex Fisher (associate) provided advice on employment matters.
Stephanie Biggs (partner) and Richard Everett (consultant) provided financial services regulatory advice.
Tom Purton, Head of Commercial, IP and Technology and senior associate Sonny Mallet provided advice on the transitional services arrangements.
Ashurst LLP advised Brewin Dolphin Limited.
Addleshaw Goddard LLP advised Arbuthnot Latham & Co. Limited.