James Jarvis

We analysed the data on our VC deals in the last 2 years to consider what impact the introduction of the updated BVCA documents had on VC deals. This coincided with a big swing in the market which made for some interesting results... take a look to see what we thought. As the most active legal adviser in VC across the UK, we have a rich source of data and its great to be able to put it to use. #venturecapital #shoosmiths #BVCA

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Carey Olsen partners Matthew Brehaut and David Crosland will be attending the 2024 British Private Equity & Venture Capital Association (BVCA) Tax, Legal and Regulatory Conference, held tomorrow in London. The one-day conference delivers a detailed overview of technical developments shaping the market today, and addresses the practical impact of regulatory and taxation changes. Please do not hesitate to reach out to Matthew or David directly if you would like to arrange a meeting at the event. #BVCA2024 #PrivateEquity #VentureCapital #Tax #Regulatory

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Can a business be trading if it isn’t “open for business”? Stuart Pibworth and I thought the recent case of Putney Power Ltd and another vs HMRC was quite interesting. This blog post explains why.

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The securitisation industry is subject to a wide range of laws and regulations which need to be considered when structuring a securitisation transaction. Our guide highlights the main legal, tax and regulatory requirements relevant for securitisation in the UK. Click below for more information. #Securitisation #CapitalMarkets #Regulation #StructuredFinance #ESG #Blockchain

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In 2024 we have seen a significant increase in UK and overseas listed corporate bidders offering their equity to target company shareholders in UK public M&A deals. Seth Jones, Anthony Bowen and I explore this growing trend and the drivers and advantages of using equity as consideration in public M&A deals, the tactical considerations and the key issues under the UK Takeover Code. Read our full article below: https://lnkd.in/ey_ZAw34 #MergersAndAcquisitions

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AIFMD is my most hated acronym ever…..not just for the compliance needed but because when speaking I can never get the letters in the right order! AFIMD anyone ? Well done to Guernsey for avoiding AIFMD issues all around.

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Great insight from Grant Edwards who has analysed our deals data in light of the revised BVCA model documents to show how the market has reacted and what key terms have changed. More insight from real deal data to come! #shoosmiths #venturecapital #team #insight

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Some very helpful developments here - we have given a lot of advice over the years on whether co-invest, staff incentive and carry structures constitute funds for Jersey purposes. The new Jersey Private Fund guide issued by the JFSC makes it clearer that most do not need to be regulated. This can make Jersey structures much cheaper to set up and run than equivalents in jurisdictions that have a concept of 'fund' so broad that all sorts of unlikely things are brought into scope.

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Possibly some nervousness in hedge funds/ private equity/ financial/ professional services LLPs in the frenzy surrounding HMRCs tweak to their manual (in the aftermath of Bluecrest) that really just reinforces the existing TAAR. It is an area fraught with difficulty and HMRC enquiries cropping up in this arena need some careful navigation given the large sums of money of money involved. Always happy to chat through any problems. #taxgeek #disputes #gettingitright

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Step aside US Presidential Elections and Donald Trump: the big news in the London capital markets today was the confirmation by the UK’s Takeover Panel that the proposed changes to the jurisdictional framework of the City Code on Takeovers and Mergers (which we reported on in April – https://lnkd.in/e6ExZq6z) will come into effect on 3 February 2025. The only material changes to the proposals made in April are that the run-off and transitional periods have been shortened from three to two years.

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With expected higher returns (30% IRR / 3x MOIC), direct investments are expected to make up half of all deals within a decade. At Lippes Mathias LLP, we continue to see a huge increase in direct investments by our #privateequity and #independentsponsor clients. #coinvest #coinvestment #independentsponsor #privateequity #lowermiddlemarket #direct #deals #mergers #acquisitions

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Our Head of Corporate M&A and ECM Adrian West and Corporate Partner Tom Coulter enjoyed filming a Marketplace Matters segment on IPO Readiness at the London Stock Exchange last week. Stay tuned for the soon-to-release video also feat. Katie Rubery.    With one of the most active and successful corporate teams in London, Travers Smith is a stand-out choice to partner with for any companies considering a London listing. If you are thinking about an IPO, do get in touch with Adrian or Tom to discuss.   #EquityCapitalMarkets #IPO #CorporateLaw

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Simon Goldring, Private Wealth and Tax Partner, has commented in Jessica Clark's article for the Daily Mail on the growing trend of London’s private equity bosses contemplating a move to Milan amid fears over Labour's proposed tax plans. Labour intends to raise the tax on fund manager bonuses, potentially up to 45%, sparking concerns of higher taxes on the wealthy. Consequently, private equity clients are increasingly seeking advice on relocating to Italy, drawn by its flat tax rate for foreign residents and the perceived stability under Prime Minister Giorgia Meloni. Simon notes that the potential changes in the taxation of carried interest are prompting private equity bosses to consider Milan, leveraging Italy’s favorable ‘res non-dom’ tax regime designed to attract affluent individuals. Read the full article here: https://lnkd.in/eecG8nee #PrivateEquity #TaxPlanning #WealthManagement #LabourTaxPlans #MilanMove #FinancialStrategy #GlobalRelocation #Investment #PrivateWealth #TaxLaw #EconomicPolicy

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There will be more detailed commentary on this decision in due course - including from us, but here are some high level comments in last week's Law 360 in case of interest. The case is probably most noteworthy as illustrating the Court’s willingness to imply a term which allows an "objectively reasonable" alternative to LIBOR to be used in the event of disagreement between the parties - in this instance SOFR. #LIBOR #SOFR

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Work is progressing towards launch of the new PICES exchange whilst we await the consultation response. There might be a scaling back of ambition regarding access to the platform so we're keen to get your views on what you think of the proposals, if you'd want to use it (or at least be prepared so you can) and other comments you have so we can continue to shape our dialogue and technical input contribution with stakeholders in this process accordingly. Make your voice and views count by replying to our survey below ⬇ #PICES #PrivateCompany #ShareLiquidity

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We are pleased to announce that the IK X Fund has signed an agreement to invest in Dains Accountants & Advisors ("Dains" or "the Company"), a leading provider of accountancy and business advisory services in the UK, alongside the management team who are significantly re-investing. IK will acquire its majority stake from Horizon Capital. The transaction was led by our Mid Cap Investment team in London, who looks forward to supporting the Company in the next phase of its journey. This agreement represents IK's third investment in the UK market this year. Congratulations to all involved! Read more here: https://ow.ly/1m6150Urzf8 #PrivateEquity #Investment #BusinessServices

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The London Cleary PE team is advising long-standing client, Sixth Street, in connection with its acquisition of a majority stake in Lemon Pepper Holdings Limited (“Wingstop UK”), the master franchisee for Wingstop in the UK and Ireland. https://ow.ly/zyUE50UA8MR #MandA

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Great flow chart here (for people who like their content visual) of what a UK venture capital funding round looks like, what documents are involved, and as regards the order of play generally... #VC #venturecapital #HLaw

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