Designed to promote lending to small and medium-size enterprises (SMEs), the new bank is a joint venture between Trinity Hall and Cambridgeshire County Council (Pension Fund). Expected to lend in excess of £100 million to SMEs in its first four years, CCB will focus on offering secured loans to SMEs.
The Mills & Reeve team were led by partner Claire Clarke, and included partners Sarah Seed and Neil Burton.
Claire Clarke, commented: “Mills & Reeve’s ability to advise on innovative acquisitions testifies to the strength of the firm in the education sector. The formation of CCB is potentially a major step forward in providing much needed sources of finance for SMEs that are the lifeblood of the UK economy.”
Trinity Hall bursar and a director of the new bank, Paul ffolkes Davis, commented: “Mills & Reeve’s expertise was evident throughout the acquisition process. Crucially, the team offered the essential blend of knowledge, experience and commitment to a deal that was both complex and inventive. Enabling SMEs to obtain loans in a difficult financial climate is a key objective of this venture, and Mills & Reeve’s role throughout this process has greatly aided us in our efforts to successfully achieve this aim.”
Eversheds advised Cambridgeshire County Council (Pension Fund), while Harvey Ingram advised Pensions Bank Limited.
See: New bank launched to help local business and grow the economy
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For further information contact:
Claire Clarke, Partner, Mills & Reeve
Tel: 01223 222403
Gill Coates / Ryan McSharry, Spada
Tel: 020 7269 1430
gillcoates@spada.co.uk / ryanmcsharry@spada.co.uk
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