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Burges Salmon LLP

Living Wage
Work 0117 939 2000
Fax 0117 902 4400
Bristol, London

Rachael Ruane

Work 0117 902 7231
Burges Salmon LLP

Work Department

Banking and Finance.


Partner in the banking and finance group. Rachael advises financial institutions, corporates and cooperatives in relation to a broad range of finance transactions. Rachael has expertise in corporate banking, real estate finance, project finance (renewable energy) and asset backed finance. Clients include Lloyds Banking Group, The Royal Bank of Scotland, HSBC, Santander, and Rabobank International.


Trained Freshfields Bruckhaus Deringer; qualified 2003; joined Burges Salmon 2006; partner Burges Salmon 2014.


Attended Ackworth School (Society of Friends); Exeter University (LLB (European) 1st class); Oxford Institute of Legal Practice.


Languages, travel, cycling and cookery.

London: Finance

Asset finance and leasing

Within: Asset finance and leasing

One of the market leaders for rail financing work, Bristol-based Burges Salmon LLP advises borrowers and lessors on many of the most significant mandates in the domestic market. Team head Brioney Thomas has a very strong reputation among train operating companies, including West Midlands Trains, which she recently advised on the procurement of a new £680m fleet of CAF and Bombardier trains for the West Midlands franchise. As part of her broader banking practice, Rachael Ruane also regularly handles asset finance transactions, while Simon Coppen handles financing and corporate matters as part of his overarching rail practice. Other clients include Abbellio Transport Holdings, First MTR South Western Trains and First TransPennine Express.

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Bank lending: investment grade debt and syndicated loans

Within: Bank lending: investment grade debt and syndicated loans

Leveraging strong ties with UK clearing banks including HSBC and Lloyds, and also regularly advising blue-chip corporate clients of the firm (including National Express Group plc and First Group plc), Bristol-based Burges Salmon LLP handles a significant volume of finance work relating to inter alia, corporate lending and acquisition finance. Team head Richard Leeming recently advised HSBC on a £80m revolving credit facility to a joint venture between Kier Living and a housing association for the acquisition and development of various residential property sites. On the borrower side, Leeming regularly handles financing work for National Express Group plc, recently advising it on two $30m general corporate finance bilateral facilities with both Bank of Tokyo-Mitsubishi UFJ and Bank of America Merrill Lynch. The 'calm and sensible' Rachael Ruane is also recommended.

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London: Real estate

Property finance

Within: Property finance

The 'very strong' team at Burges Salmon LLP acts predominantly for lenders, including traditional clearing banks such as HSBC, RBS and Lloyds and, increasingly, new lenders such as Gravis Partners, Temporis Capital, ICG Longbow and Helaba; it is noted for its specialisms in student accommodation, hotels, healthcare and housing, among other sectors. Practice heads Richard Leeming and Paul Browne acted for HSBC in relation to the £162m refinancing of Harbour Hotels, and Leeming and Sally Jupp - who 'both focus on client commercial advice and relationship development to ensure a completely immersed service delivery model' - advised the same client on the provision of an £80m revolving credit facility to a joint venture between Kier Living and a housing association for the acquisition and development of various residential property sites. The team also acted for Helaba on the financing of Embankment GP's acquisition of an office building in Manchester.Colin Ligman, Rachael Ruane and senior associates Katie Allen and Alastair Rattray are also noted.

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London: Transport


Within: Rail

Burges Salmon LLP‚Äôs ‚Äėoutstanding‚Äô rail department is active across regulatory, franchising and procurement work, in addition to major infrastructure and rolling stock projects. The¬†‚Äėpragmatic and knowledgeable‚Äô ¬†Brioney Thomas¬†heads the rail practice and advised Abellio on its successful bid for the West Midlands rail franchise as part of West Midlands Trains, a JV that includes JRE and Mitsui. Thomas also advised West Midlands Trains on its successful bid for the West Midlands franchise.¬†Thomas acted alongside rail infrastructure head Philip Beer¬†for Transport for Wales and the Welsh government on the award of new rail franchise for Wales and the Borders. Head of rail franchising Simon Coppen¬†advised FirstGroup on First MTR South Western Trains‚Äô successful bid for the South Western franchise; he also advised on the procurement of a fleet of new trains to support First MTR South Western Trains‚Äô successful bid for the South West passenger rail franchise, and is advising First Rail Holdings on its West Coast franchise bid submission. Other key figures include rail health and safety head Ann Metherall,¬†Keith Beattie,¬†Ian Tucker,¬†Rachael Ruane¬† and transport head Chris Jackson. Legal director Chris Simms¬†joined in 2017 from Abellio UK. Legal director Edward Barratt¬†was recently promoted.

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South West: Finance

Banking and finance

Within: Next generation lawyers

Rachael Ruane - Burges Salmon LLP

Within: Banking and finance

By some clients‚Äô reckoning, Burges Salmon LLP‚Äôs banking department ‚Äėhas proved itself able to stand toe-to-toe with top London firms‚Äô. In addition to its core mid-market lending work, the team is highly recommended for senior financing and US private placement transactions and is also instructed by a number of blue-chip borrowers. Department head Richard Leeming¬†advised HSBC Bank on the refinancing of Harbour Hotels by way of a ¬£112m term loan with a ¬£50m accordion option. Similarly, Rachael Ruane¬†acted for RBS on the refinancing of a residential property developer‚Äôs revolving credit facilities. On the borrower-side, Leeming assisted National Express Group with two separate $30m bilateral facilities, one with Bank of Tokyo-Mitsubishi, and the other with Bank of America Merrill Lynch International. The group is increasingly instructed by alternative lenders. Indeed, acting across from two Magic Cricle firms, Nathan Curtis¬†acted for a UK asset manager, as mezzanine lender, on a high-value mortgage-backed warehouse facility. Further, the ‚Äėpragmatic‚Äô Graham Soar¬†advised Aerium Finance on the financing associated with the client‚Äôs acquisition of units in a Jersey property unit trust; the financing was provided by an ultra-high-net-worth Middle Eastern shari‚Äôah investor. Andrew Eaton¬†is another key contact and senior associates Ed Hobbs¬†and Katie Allen¬†are recommended.

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Legal Developments by:
Burges Salmon LLP

  • Restoring environmental damage: putting a price on ecosystem services

    On 7 August 2009 a 40-inch pipeline ruptured, spilling 5,400 cubic metres of crude oil into the soil and groundwater of La Crau nature reserve in southern France, a habitat protected under French and European law. The operator had to excavate and replace 60,000 tons of soil, install 70 wells to pump and treat groundwater and 25 pumps to skim oil from surface water, at a cost in the region of ‚ā¨50m. However, this was just the primary remediation (that is, restoring the site to the state it would have been if the damage had not occurred). The operator was also required to compensate for the damage to the habitats and the loss of the ecosystem services that would otherwise have been provided by La Crau nature reserve. Measures included purchasing land outside of the nature reserve and contributing to its management for a period of 30 years (over ‚ā¨1m), monitoring the water table for 20 years (over ‚ā¨500,000), monitoring fauna over three years (‚ā¨150,000) and rehabilitation in accordance with best available ecological techniques (nearly ‚ā¨2m). Overall, the compensatory restoration (to compensate for the amount of time that the ecosystem was impacted) and complimentary restoration (to compensate for elements of the ecosystem that had been permanently lost) came to more than ‚ā¨6.5m. ‚Ä©
    - Burges Salmon LLP

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