Cross-firm team advises H&T Group on acquisition and additional financing

2 minutes de lecture

A cross firm team has advised the UK's largest pawnbroker and a leading retailer of high quality new and pre-owned jewellery and watches, H&T Group, on its acquisition of certain assets of Maxcroft Securities Ltd, for a cash consideration of £11.3 million. Maxcroft is a longstanding and successful pawnbroking business based in Essex.

Gowling WLG also advised on £25 million of additional financing to support the future growth of the business from Pricoa Private Capital, the private capital arm of PGIM, Inc., the global investment management business of Prudential Financial, Inc. The additional funding will enable future growth in the pledge book and investment in the store portfolio.

The acquisition was led by corporate partner Hugh Maule, with support from associate Hannah Gough, and trainee Anna Plenderleith (corporate). The financing was led by banking and finance partner Chris Brierley, legal director Angela Rawlins, senior associate Sarina Mann, and associate Kimi Shah, as well as partner Lee Nuttall and associate Michael Tushingham (tax). Additionally, partner Jocelyn Paulley, senior associate Claire Van Ristell, principal associates Rebecca Jones, Sushil Kuner, Sian Williams, associates Jack Mitchell and Sanjay Mehta, senior paralegal Alex Wallis, and trainee Annie Johnson all assisted in aspects of the transactions.

Gowling WLG has advised H&T Group on multiple acquisitions and fundraising over the last five years.

Hugh Maule commented: "We are pleased to have assisted H&T Group in completing this transaction which will allow the business to expand further and invest in its physical outlets. We look forward to seeing H&T Group build on its existing success as the UK's largest pawnbroker."

Chris Gillespie, CEO at H&T Group Plc, added: "We were delighted to work with Gowling once again on both of these transactions, allowing us to grow our pawnbroking business and secure further funding. Gowling's guidance has been invaluable throughout this whole process."

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