Our client is a company that operates several pharmacies in North London. One of these pharmacies was operated through a corporate joint venture, with 50% of the shares owned by this company and the other 50% by a different company.
We were instructed to buy out the other joint venture partner to make a 100% subsidiary. We prepared all necessary documents for the transaction, including the share purchase agreement, termination of joint venture shareholders’ agreement and corporate ancillaries such as minutes and resolutions etc.
As our client refinanced its group from Santander to Lloyds, they also required a new lease from a connected party and licence to charge the premises from the investment fund landlord, together with usual property backed security – legal mortgages, debenture, guarantee, directors certificate etc.
We also acted for this client in 2017 when a third corporate entity exited – the venture was originally a 33.33% venture, with a detailed joint venture shareholders’ agreement.