National law firm Mills & Reeve has advised Trinity Hall, Cambridge, in a transaction that has created a new bank in Cambridge UK.The firm advised the university college on the acquisition of the business and assets of the Leicester-based Pensions Bank Limited, forming a new company, Cambridge & Counties Bank Limited (CCB).
Designed to promote lending to small and medium-size enterprises, 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 was led by partner Claire Clarke, and included partners Sarah Seed and Neil Burton.
Claire Clarke said: “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, added: “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.