Advice to Church House Investments on MBO
03 February 2010
We advised Church House Investments on an MBO which paves the way for acquisition of parent Church House Trust by Virgin Money.
A Burges Salmon corporate team, led by partner Chris Godfrey and associate Jonathan Eves, advised Church House Investments (CHI) and its management in the buy out of Church House Investments from Church House Trust to establish CHI as an independent asset management business.
The deal was an integral part of the well-publicised purchase by Virgin Money of CHI's parent, Church House Trust; a Somerset-based private bank the acquisition of which enabled Virgin Money to acquire a UK banking licence more quickly than a full FSA application process.
Chris Godfrey commented: "We were delighted to help the CHI management with their MBO. We wish them and CHI well for the future. It was also extremely interesting to have a role in the wider transaction which, as has been noted extensively in the press, is a strategically significant one for Virgin Money".