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Travers Smith advises on acquisition of Portsmouth Water

Wednesday, 27 March 2019

Tuesday, 20 February 2018

Travers Smith LLP has advised funds managed by Ancala Partners LLP on their acquisition of South Downs Capital Limited, parent company of Portsmouth Water Limited, from South Downs Trustees Limited as trustee of the South Downs Employee Benefit Trust.

Portsmouth Water Limited is a leading UK water company which provides drinking water to 316,000 homes and businesses in the Hampshire and West Sussex area and had an operating profit of £5.6 million in 2017. Travers Smith advised on general corporate and regulatory matters, as well the process required to obtain Court approval for the sale, as required under Section 57 of the Trustee Act 1925.

The Travers Smith team was led by Corporate Partner Spencer Summerfield with support from Corporate Senior Associate Jonathan Walters and Corporate Associates Hugh Hutchison and Tom Gover.  Other team members providing specialist advice on the transaction included:

  • Regulatory & Environment: Doug Bryden (Partner), John Buttanshaw (Senior Associate)
  • Tax: Simon Skinner (Head of Tax), Mahesh Varia (Head of Incentives & Remuneration), Ed Humphreys (Associate), Emma Walton (Associate).
  • Competition: Nigel Seay (Head of Competition), Alana Tinkler (Associate).
  • Finance: Barry Newman (Partner), Daniel Domb (Associate).
  • Pensions: Andrew Lewis (Senior Associate).
  • Real Estate: Vicky Tipper (Associate).
  • Commercial: Richard Brown (Partner), Richard Offard (Associate).
  • Employment: Adam Wyman (Senior Associate).