Banking Lawyers

Chris Moss, a member of the Myerson Banking Team, acted on the formation of Burnley Savings and Loan Ltd (the subject of a Channel 4 documentary and the film ‘Bank of Dave’ on Netflix).

This included advising on the original structure of a peer-to-peer lending service and documentation, the application of the Financial Services and Markets Act in relation to potentially regulated financial activities and financial promotion and changes to the law relating to peer-to-peer lending structures that arose when Article 36H came into force.

Chris subsequently assisted with the application by Burnley Savings and Loans Ltd for a deposit-taking licence. This included drafting customer-facing documents, advising and drafting governance arrangements such as the constitution of the asset and liabilities committee, reporting lines, recovery and resolution procedures and disaster recovery analysis advice, amongst others.

Chris was required to correspond and meet with the Prudential Regulation Authority and the Financial Conduct Authority on a regular basis during the process.

Myerson acted for a developer in connection with a £30 million development funding facility with OakNorth Bank to construct a 270 unit residential scheme in the North West.

Myerson acted for a North American property investor in relation to a refinance of its property portfolio via Lloyds with a value in excess of £7 million.

Myerson were instructed by three UK entities forming part of a wider international group to provide banking advice on accession agreements with ING. The aggregate value of the facility was in excess of £39 million. Myerson worked closely with the advisors based in other European jurisdictions.  

Myerson acted for a North West based tech company that received in excess of £1.4 million of convertible loans across several tranches pursuant to the British Business Bank’s Future Fund scheme, which involved loans from the Future Fund, private equity and individual sophisticated investors.

Myerson advised a large retail group specialising in both B2B and B2C offerings in connection with various corporate acquisitions, as well as investment by a global private equity firm. The transactions have been financed by debt finance from a regional debt fund alongside private equity. 

Myerson acted for multiple individuals in relation to the MBO of a Northwest-based company which included advising on the related banking and security arrangements relating to the rollover of an existing revolving credit facility, inter-creditor arrangements and the accession to the security of a newco acquisition vehicle.  

Myerson regularly acts for individual borrowers and lenders, utilising loans from friends and family to fund property acquisitions. The loans provided are secured against the properties acquired and repaid either over time or upon a sale of the property in the future, often enabling first-time buyers to get onto the property ladder.

Myerson acted for the developer of the office and retail development now called 2 St Peter's Square Manchester from site assembly to the satisfactory completion of agreed works and the funding and the transfer of the development to an investment funder.

We have extensive experience working with corporate groups that engage in international banking finance, providing assistance on the UK-based elements of overseas banking arrangements. We simplify the often complex legal and regulatory issues that arise in cross-border financial transactions to efficiently and effectively secure the desired outcome for our clients.

We act for lenders, borrowers, financial services providers, and large property portfolio owners across multiple jurisdictions.

Our Experience

Our international banking lawyers advise clients on the onshore aspects of overseas banking arrangements, including accession arrangements, the amendment and restatement of existing loan facilities and the taking of security over UK corporate assets, real estate and other assets.

Our recent experience includes:

• Our banking team acted for three UK entities forming part of a wider international group to provide banking advice on accession agreements with ING Bank. Under the re-financing arrangements, certain UK entities became additional borrowers whilst others became additional guarantors subject to security in the form of debentures and share charges. All three companies became bound by the terms of the facility agreement and an intercreditor agreement of the same date. This was the second such accession arrangement Myerson has assisted the wider group with. The aggregate value of the facility was in excess of £39 million. Myerson worked closely with advisors based in other jurisdictions including the Netherlands and Germany.
• International funding arrangements – Myerson advised an international home furnishings manufacturer on certain elements of its cross-group facility with Wells Fargo Bank.  In particular, Myerson advised on the debt finance elements in connection with an acquisition, the release of security in connection with a sale of part of the business and the necessary UK consents and accession paperwork on the eventual sale of the entire group to a US private equity buyer.