Bristol advisers from law firm Burges Salmon and wealth management and broking corporate firm WHIreland have advised FB Investors on its recommended partial cash offer for Devon-based property group Sutton Harbour.
The offer from FB Investors values Sutton Harbour, which is listed on the London Stock Exchange’s AIM market, at approximately £28m, giving FB Investors a 70% stake. The transaction was structured as a partial cash offer under the UK Takeover Code. 
FB Investors, which specialises in property investment, said it intends to maintain the AIM listing while also injecting a further £2.75m into the company in new equity.
Sutton Harbour is an award-winning waterfront regeneration specialist which owns and operates the historic Plymouth Harbour, pictured. The group operates in four business areas – real estate, regeneration, marine and fisheries, and car parking.
In April last year it appointed Rothschild to lead a strategic review of the options for its business, including a potential sale.
Burges Salmon corporate finance partner Dominic Davis and senior associate Tim Redman led a large cross-firm team of lawyers from Burges Salmon’s corporate finance, real estate, banking and planning teams.
Mike Coe and Ed Allsopp at WHIreland acted as financial adviser to FB Investors, which is led by Philip Beinhaker.
Dominic said: “This transaction represents an exciting opportunity for both FB Investors and Sutton Harbour and we are delighted that our client has reached a recommended deal with Sutton Harbour. It was a pleasure to work with Philip Beinhaker and his team, and we are really looking forward to seeing the Sutton Harbour Group business fulfilling its potential under new ownership.”
Mike Coe added: “We are delighted to have worked with FB Investors, Philip Beinhaker and his team in putting together this offer, and securing the recommendation from the board of Sutton Harbour.
“The offer signals a new and exciting chapter for Sutton Harbour, which should benefit from the members of FB Investors’ long-standing track record of creating value in real estate.”
