Travers Smith LLP has advised the Trustee of Clarks group's UK DB pension fund on LionRock Capital's acquisition of a majority equity stake in the Clarks group.
In addition to the equity acquisition, we also advised the Trustee on the pensions aspects of a number of associated workstreams, including the refinancing by the group of its existing debt facilities and a Company Voluntary Arrangement (CVA). These changes provide significant extra support to Clarks at a time of extreme pressure on high street retailers.
Working alongside the Trustee's other professional advisers, and engaging closely with the Pensions Regulator and the Pension Protection Fund, we supported the Trustee to formulate its strategic approach to the restructuring and to implement a revised funding and covenant support package for the Fund. The package provides a robust framework to support the Fund, which will shortly celebrate its 50th birthday, over the coming years.
The Travers Smith team was led by Head of Pensions Daniel Gerring together with Finance Partner Peter Hughes and Head of Private Equity Ian Shawyer, alongside Pensions Senior Associate Ben Harvey and Finance Associate Nick Baines.