Rightly, our clients insist on the highest standards of professional service. We deliver that. But they are also keen for us to understand the subtleties of their particular sector. We have organised ourselves accordingly. Our client-centred structure is built around sector-based networks providing a full range of specialist services.
In the Manufacturing sector we managed the insolvency process for car component producer JL French UK, provided forensic support to The MAN Nutzfahrzeuge Group, tax advice to Alba and audit services to established manufacturers such as Caparo and JMH Group, to whom we also provided tax advice.
Specialist industry knowledge helps us to be proactive – anticipating shifts in market conditions, pre-empting problems and alerting clients to emerging opportunities.
We have the knowledge, for instance, to advise and assist when there is a change in the regulatory framework. This was put to good use in the Financial Services sector, in a year which saw implementation of the Capital Requirements Directive and Basel II, plus the Markets in Financial Instruments Directive.
Our Financial Services regulatory practice has kept clients in touch with developments. We advised on strategy and risk management and delivered practical advice. Our services this year ranged from compliance staff training to regulatory guidance and reviews of Financial Services Authority (FSA) submissions for clients including Virgin Green Fund and Execution Limited.
We also had a successful year attracting work for funds. We became auditors to six listed funds including Keydata AIM VCT plc, Reconstruction Capital II plc and The Cayenne Trust plc.
Technology can bring with it abrupt change and intense competition. Nowhere is this more evident than in the TMT sector. This sector is constantly mutating as convergence blurs and shifts boundaries between markets. It is vital to understand the current issues and drivers.
Bolstered by some talented new recruits with hands-on industry expertise, our business is going from strength to strength. This year we won the global company secretarial programme for BT Global Services as well as certain back offce accounting services in Latin America. We also advised on a £57m Buy-in Management Buy-out for wireless communications specialist Aerial Facilities Limited.
In the Real Estate and Construction sector we have been at the leading edge of the new UK-REIT market, which launched in 2007. This year we acted for Rugby Estates Investment Trust when it launched the first Exit REIT on the London Stock Exchange.
We were also instructed by The British Land Group to conduct a substantial corporate streamlining exercise following its conversion to REIT status. The assignment not only reinforces our corporate streamlining credentials in this sector but provides an excellent platform from which to take this specialist service to the wider property sector.
In Retail, wealthy individuals have emerged as significant investors alongside the more established funds. Our longstanding relationships with private equity firms stand us in good stead. We are now raising our profile with a new breed of corporate investor, including names such as Arev and Dawnay Day Principal Investments.
Corporate finance activity in the Retail sector included Austin Reed’s £49m public to private transaction and Woolworth’s £41m acquisition of book wholesaler Bertram. We also acted as lead adviser to Mosaic Fashions on its £320m acquisition of Rubicon and the refinancing of the combined group.
Ours is a knowledge-based service. The quality of our expertise is absolutely critical. So to make sure we are at the forefront of industry change and that we have an explicit understanding of our clients’ environments, we are now more systematic in the ways we harness and share knowledge.
For example, we are reinforcing our position as a quality adviser to the Financial Services sector by forging closer links with industry bodies. Last year we co-founded the new Financial Services Faculty for the Institute of Chartered Accountants in England and Wales. As a founding member we take an active role in responding to the FSA on behalf of our clients as well as ensuring that FSA policy takes into account the needs of our clients.
We are an authoritative force in retailing. For example, our Like-4-Like sales performance index now has 60 members, up from 36 a year ago. By allowing members to track movements in their sales against the industry average, the index is finding its way into more and more retail boardrooms and influencing the decision making process. We plan to provide additional information and analysis in the future.
This year, for the first time, we partnered with the manufacturers’ organisation EEF. In June 2007 we published a joint report examining the threats and opportunities posed by emerging economies.
In the Professional Services sector we collaborated with the Financial Times for the second year to produce the pioneering FT Innovative Lawyer rankings.
We also collaborated with LexisNexis and The European Lawyer to produce our third annual Financial Benchmarking Study of leading law firms in Europe. This report provides firms with benchmarking data on key financial indicators which can vary considerably between countries. Not only is this useful for law firms with a network of European offices, but it also provides an invaluable source of information for firms looking at expanding their network across Europe.
