Teams from Hammonds LLP, Barnett Waddingham LLP and PKF have acted for the trustees of the Dollond & Aitchison pension scheme on the merger of Boots Opticians and Dollond & Aitchison.
De Rigo, the parent company of Dollond & Aitchison, and Alliance Boots have agreed to merge Dollond & Aitchison and Boots Opticians to create the second largest optical chain in the UK, employing over 5,000 people at 690 branches across the country. The transaction, which is subject to the approval of the competition authorities, is expected to be completed in the second quarter of 2009.
Acting on behalf of the Dollond & Aitchison trustees, Hammonds provided legal and corporate advice and Barnett Waddingham provided actuarial advice to secure the long-term future of the scheme. PKF advised in respect of the employer covenant which was a key factor in ensuring the merger proceeded. As a result, the trustees secured additional controls, security and provisions for future funding required to enable the trustees to maintain the scheme.
The Hammonds team was led by pensions partner and head of the firm's Birmingham office, Ian Forrest, pensions partner Matthew Giles and senior associate Kevin Burge. Corporate partner Mike Clifford, assisted by Ryan Hawley advised the trustees on corporate aspects of the transaction. Mark Frost, a partner at Barnett Waddingham LLP, provided the actuarial support and Matthew Gibson, a partner at PKF (UK) LLP, provided the covenant assessment. Hammonds partner, Robert Gravill was a key member of the Trustee team responsible for managing the project and helping lead the commercial negotiation to its successful conclusion.
John Mumford, chair of the Trustees said: "The team's experience was instrumental in helping us manage this complex transaction, focus on the key issues and deliver a successful outcome for the Scheme."
Ian Forrest said: "Hammonds has provided legal advice to the trustees of the Dollond & Aitchison pension scheme for over 10 years and we are pleased to have played a part in securing the future of the scheme under the terms of the merger with Boots Opticians."
Mark Frost, Scheme Actuary on the Dollond & Aitchison scheme for over 7 years, said "The outcome for the trustees is particularly satisfactory as we have help to negotiate significantly improved security to help the members."
-ends-
For further information contact:
Nicola Woodmass, Head of Communications, Hammonds LLP, on 0121 222 3690 or email: nicola.woodmass@hammonds.com
In May 2008, international law firm Hammonds became a limited liability partnership. Hammonds LLP and its affiliated undertakings has offices in Birmingham, Leeds, London and Manchester in the UK, and in Berlin, Brussels, Beijing, Hong Kong, Madrid, Munich and Paris.