Insights: January 2010

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Fladgate advises Terrace Hill on £16m sale

Matthew Williams |

Fladgate LLP has advised Terrace Hill Group, a UK property development and investment group, on the sale of the free freehold interest in its Kean House development in Covent Garden, London to a major UK institution for a total consideration of £16 million, representing a net initial yield of 6.4 per cent. Situated on the […]

Fladgate advises on admission to AIM of Asian Plantations Limited

David Robinson |

Fladgate LLP acted for the nominated adviser Strand Hanson Limited and broker Mirabaud Securities LLP, on Asian Plantations Limited’s admission to the AIM market. Asian Plantations Limited is a Singapore incorporated company involved in the acquisition, development, operation and management of palm oil plantations in Malaysia. The company raised £5.26m through a subscription for 7,010,000 […]

Fladgate acts for Southridge LLC on a £3m Equity Purchase Agreement Facility

Avram Kelman |

Fladgate LLP has acted for US based investment company Southridge LLC on Southridge’s advice to Bahamas-based Brittany Capital Management Ltd on their entering into a £3m Equity Purchase Agreement Facility (EPA Facility) with Wren Extra Care Group Plc (Wren). Wren is an AIM listed provider of retirement living services for the independent elderly. The EPA […]

Is VAT payable on service charges?

John Forde |

HM Revenue & Customs (HMRC) has confirmed that its policy on the VAT treatment of service charges will remain unchanged despite a recent ruling of the European Court of Justice (ECJ) that had appeared to conflict with its longstanding position. In its new guidance, issued on 27 October 2009, HMRC states that its policy remains […]

Fladgate advises Akkeron on hotel portfolio purchase


Fladgate LLP has acted for newly formed company Akkeron Hotels Limited on the acquisition of the Folio hotel business and eight hotels from Mulbourn Limited. Akkeron Group LLP is an investment business formed in 2008 by Citibank’s former global head of real estate, James Brent. Akkeron Hotels has been launched in partnership with Colin Johnston, […]

Recognition of foreign trust bankruptcy


US receivers of a bankrupt trust engaged in a commercial scheme in the US and Canada sought recognition in the English court and also to enforce a US default judgment for US $160,000,000 obtained against certain parties who had taken money from the trust when it was insolvent. In David Rubin and Henry Lan v […]

Non-exclusive jurisdiction - the intention?


Non-exclusive jurisdiction clauses, often used by English lawyers, can have unfortunate results, as demonstrated by the Court of Appeal in Highland Crusader v The Deutsche Bank [2009] EWCA Civ 725. The parties had standard form agreements which provided that they "irrevocably submit…to the jurisdiction of the Courts of England" but added that "Nothing in this […]