Corporate & Commercial team advise on restructuring of automotive group

Client Stories

Corporate & Commercial team advise on restructuring of automotive group

20 March 2020

Chris Brightling, Head of Corporate & Commercial at Girlings led the cross disciplinary team from Girlings in advising on a significant capital reduction demerger of a large group of more than ten companies operating in the automotive sector.

Corporate & Commercial

Chris Brightling commented: ‘The complex restructuring involved share exchanges, multiple dividends in specie of property in addition to the substantial capital reduction demerger and associated documentation.’

Graham Furneaux, Chairman of the Group, commented: ‘Recently our group of companies undertook a restructuring which required the creation of several new entities and the subsequent demerger of our group subsidiaries into separate trading groups. These are now disconnected entities other than having similar share holdings.

This was a complicated exercise involving around a dozen companies and a process that came under time pressures from outside influences.

Whilst this exercise was initially driven from an accountancy perspective Chris grasped the concept behind the reconstruction immediately and he was efficient throughout. In the initial review period Chris helped the Directors find a less costly route through the legal process.

Chris displayed excellent legal knowledge of this aspect of company law and the initial work plan proved to be complete and thorough. Having that plan as a control enabled all parties to keep on top of the process at each step.

We would use Chris and Girlings again should we need similar legal assistance or advice in the future.’

For advice on corporate restructuring or any other Corporate & Commercial matter, please contact Chris Brightling.

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