Gowling WLG is advising H&T Group plc, the UK's leading pawnbroker, on its proposed acquisition of 65 trading stores and a further 29 pledge books from The Money Shop, the trading name for Instant Cash Loans Limited and TM Sutton Limited.
The acquisition by H&T Group - one of the oldest and leading prawnbrokers in the UK and listed on the AIM market of the London Stock Exchange - is for an initial cash consideration of circa £10.6 million, subject to completion date asset value confirmation. The acquisition is being funded by bank debt and £6 million placing of new shares.
Hugh Maule, a partner in Gowling WLG's corporate team, is leading a cross-firm team advising on the acquisition and placing, including; Kat McGriskin, Isabelle Innes-Taylor (corporate), Lee McBride, Phil Clissitt (real estate), Martin Chitty, Rebecca Jones (employment), Mike Murphy (tax), Samuel Beighton, Anna Sikora (EU, trade and competition), Julian Pallett, Angela Rawlins, Sarina Mann (banking and finance), Ian Mason, Kam Dhillon (financial services regulation) and Rocio De la Cruz (commercial).
"We're pleased to be advising H&T Group on its acquisition from The Money Shop and its share offering," said Hugh, "This is a complex transaction involving a truly cross-firm team and is a key milestone in H&T Group's expansion."
John Nichols, CEO of H&T, said: "Gowling WLG's AIM market and wider corporate experience and expertise was extremely important on this acquisition and placing. This is an important acquisition to continue our growth in the alternative credit sector and to establish H&T as one of the UK's leading providers of financial services. These new stores fill geographical gaps in our UK coverage not only from a high street presence but assists our digital fulfilment capacity of our product range. I am also very pleased to be able to welcome the management and staff to the H&T family, and I am confident that they will flourish with us."