News and Press
TLT advises on sale of private bank to Virgin Money, launching Virgin's retail banking proposition

National law firm TLT has advised Church House Trust Plc, a private bank offering deposits and mortgages, on a recommended offer by Virgin Money under the City Code on Takeovers and Mergers for the entire issued share capital of Church House Trust. The deal, which was announced by the boards of Church House Trust and Virgin Money Holdings (UK) Limited on 8th January 2010, is designed to give Richard Branson's Virgin brand the platform upon which to develop a retail banking business in the UK.

The TLT team, led by partner Richard Tall and involving specialists in corporate finance and employee incentives, advised Church House Trust on the deal which sees Virgin Money acquiring the entire issued and to be issued ordinary share capital of Church House Trust. If the offer is declared unconditional, the deal will give Virgin Money control of the bank. The deal has already been approved by the Financial Services Authority (FSA). Through the acquisition Virgin Money, which has over 2.5 million customers, will be able to offer a full range of products to consumers.

Corporate finance partner Richard Tall says, "The Offer for Church House Trust plc by Virgin Money Holdings (UK) Limited is the culmination of many months hard work by Church House Trust, its financial adviser Europa Partners Limited, the team at TLT together with our South West colleagues Battens Solicitors, and of course Virgin Money and their advisers Quayle Munro Limited and Denton Wilde Sapte. The deal threw up a number of complex technical issues, but it is satisfying to see the offer now made and FSA change of control consent being given to Virgin Money".

TLT has a strong focus on the Financial Services sector, and advises most of the UK's largest banking institutions as well as an increasing number of international banks on acquisition funding, asset finance, financial services regulation, professional negligence, property finance, ship finance and trade finance as well as banking litigation. Other clients include Barclays Bank, Royal Bank of Scotland, Fortis Bank, ICICI Bank and Triodos Bank.

TLT's nine-partner corporate team has expertise in advising on the full range of corporate transactions. The team acts for an impressive list of UK and international clients from major FTSE listed Plcs through to venture capitalists, banks and financial institutions. TLT’s Employee Incentives team works closely with the corporate team providing legal and tax advice about employee share plans and other incentive arrangements. The team act for a wide range of companies including an increasing number of listed plcs advising on the implementation, operation and maturity of employee share plans.

Virgin Money was advised by Denton Wilde Sapte LLP with Quayle Munro Limited acting as financial adviser. Europa Partners Limited acted as financial adviser to Church House Trust.