Nabarro advises on two capital markets transactions as London market remains open for business

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised Allenby Capital, as nominated adviser and joint broker, and new client, Dowgate Capital, as joint broker, on the AIM IPO of Franchise Brands plc, one of the handful of successful IPOs since the Brexit result. Nabarro has also advised Numis Securities as nominated adviser and sole bookrunner on the £30.7m placing (before expenses) by AIM-listed Benchmark Holdings plc.

Franchise Brands is a group of multi-brand franchisors with a combined network of over 350 franchisees in 12 countries. Its current brands are ChipsAway, Ovenclean and MyHome, all of which deliver services to individual customers through the Group’s franchisees. The company was founded by Stephen Hemsley and Nigel Wray, who have substantial experience in franchising, notably through their involvement with Domino's Pizza. The company has raised £3.5m to fund future potential acquisitions as well as for general working capital.

Benchmark has built a profitable group of companies on the economics of a sustainable food chain, and in particular for seafood, from both mature and emerging markets. Its businesses include a world-leading salmon and aquaculture breeding business and a nutritional products business providing cutting edge nutritional products and services to the aquaculture industry. The proceeds of the placing are expected to be used to fund a number of joint venture and capital projects, as well as select bolt-on acquisitions and general corporate purposes.

Corporate partner, Alasdair Steele, led the Nabarro teams on both transactions. He was assisted by senior associate, Jack Shepherd, on the Franchise Brands IPO, and senior associate, Philippa Chatterton, on the Benchmark placing.

Commenting on the successful transactions, Corporate partner Alasdair Steele said:
"Despite somewhat volatile markets since the Brexit result in June, early indications have been that investors remain open to good opportunities. These two transactions, coming after the vote and in the early stages of summer, traditionally a quiet period in the markets, demonstrate that the London markets continue to be open and supportive of good investment opportunities."