BLP advises on Robert Dyas MBO

Berwin Leighton Paisner (BLP) advised the management team on the management buy-out (MBO) of hardware retailer Robert Dyas.

The deal was completed today (8 April 2009) and has been fully supported by the company’s banks, Lloyds Banking Group plc and Allied Irish Banks plc, and is expected to safeguard the future of 1,200 jobs and 99 stores across Southern England.

The MBO was driven by Robert Dyas managing director Steven Round, along with new non-executive chairman and turnaround specialist Ian Gray.  Corporate partner Ben Larkin led the BLP team.

Commenting on the deal, Ben said: “This transaction builds on the growing capabilities of the restructuring team who have been involved in some of the most innovative transactions of the downturn.  It is testament to the commitment and commercial approach of the management team that we were able to gain the support of key stakeholders and complete the deal within such a tight timescale.”

The banks were advised by CMS Cameron McKenna LLP.

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