Head of asset
finance: Matthew Harvey
No. of partners
(assistants): 7 (13)
Key lessor
clients: GE Capital, Lombard, Lloyds/HBOS, Barclays
Asset Finance, ING Lease (UK) Limited, Alliance & Leicester,
Fortis Lease UK, Cisco Systems Finance, HSBC Equipment Finance, SEB
Leasing, National Australia Bank, Société Générale, Standard
Chartered Bank, Calyon, Bank of Ireland, DVB, BNP Paribas Lease
Group, Bank of Tokyo Mitsubishi, Citibank
Key lease broker
clients: N/A
Key manufacturer
clients: Airbus, Embraer
New clients gained in
2009: N/A
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Denton’s asset finance department rarely fails
to impress. Its quality of work continues to be exciting and, while
it has seen a drop-off in new business during this first half of
this year (down 3 percent year-on-year, the equivalent of a drop of
£138,905), this is partly attributable to the fact that it has
historically not been as well known as other firms for
restructuring work.
Recent deals have included advising on the
financing by Cisco System Finance of £12 million of equipment to be
used to introduce up-to-date broadband technology into Wales (the
project as a whole cost £74 million), and on a £155 million
financing, provided by Alliance & Leicester, of intellectual
property rights for a slate of computer games and computer software
technology. The funding was secured by an assignment of
receivables.
The firm’s asset finance department continues
to have in-depth strength in transport finance. Besides the large
amount of commercial aircraft finance work it does for lessees and
lessors, which makes up around half of its total practice, it also
does a fair amount of corporate jet financing (it acted recently
for GE, Barclays and Citibank on the financing of six corporate
jets), and bus finance (it advised on the provision of a £47
million hire purchase facility for 407 buses to Aviva as well as a
£1 million facility for 10 buses for use on the London Sightseeing
tour). Repossessions of corporate jets is a growing part of its
practice. Also, interestingly, Paul Jarvis and Serge Sergiou are
currently advising on corporate jet financings using Islamic
finance structures.
On the rail finance front, since January 2007
it has been the sole legal adviser for Northern Rail, and Greg Kahn
is acting for Société Générale on deals involving Dutch
railways.
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By GlobalDataIt has acted in the past for Virgin Rail
Group, the Association of Train Operating Companies, GB
Railfreight, Hitachi Europe, MTR and Laing Rail. Tammy Samuel is
the main point of contact in this field.
It is meanwhile gaining a name for itself in
restructuring work, having recently acted for a number of banks and
independents, including GE, Bank of Scotland and National Australia
Bank on the restructuring of CHC Helicopter Corporation (this
involved the restructuring of leases and security for some 115
helicopters, with a total value of around $1 billion, across eight
countries). It is also advising HBOS on the insolvency of Sky
Europe and also with the administrators of London Scottish.
Last year, the department grew by £1.7 million
– a 22 percent upturn – and although the first six months saw
revenues drop year-on-year, it is still very much a force to be
reckoned with, not least because it has a strong foothold in work
with international dimensions (which makes up around 80 percent of
total business), including in the Middle East where, among others,
it advises the likes of Citibank.
