Firms To Watch: Banking and finance

With a particular strength in the real estate sector, director Alan Glen‘s banking team at DWF is also active across key economic sectors including education, life sciences and financial services.

Banking and finance in Scotland

Brodies LLP

Brodies LLP’s preeminence in the Scottish banking sector is reflected in the calibre of transactions it handles across key economic sectors, including food and drink, healthcare, energy and marine, with a growing dominance in renewables and green financing. Bringing over 25 years of experience is team head Bruce Stephen, who specialises in asset-based lending, receivables financing, and corporate funding. Marion Macinnes, who leads the capital markets group, brings extensive expertise advising on real estate finance transactions, while Neal Richardson is highly regarded for ship financings and leveraged financings. Michael Stoneham is the go-to contact for all energy-related finance matters, with Chris Dun's practice focusing on social housing finance. Alan Knowles continues to build his reputation for fund financings, including cross-border deals.

Practice head(s):

Bruce Stephen

Other key lawyers:

Marion Macinnes; Neal Richardson; Michael Stoneham; Chris Dun


‘Strong cross-functional teams of experts to deliver on complex transactions. They are knowledgeable, balance risks and commercial requirements, responsive and adaptable to emerging issues.’

‘Good, professional service at all times.’

‘Strong depth and knowledge across the business, giving clients access to detailed advice and guidance as the business evolves.’

‘Neal Richardson is always quick to offer help and is proactive in sharing market information and changes in law to help shape strategy.’

‘Brodie’s banking and finance team are able to hit the ground running and coordinate the various multi-jurisdictional issues required to complete a transaction.’

‘Advice is extremely practical and timely. Brodies understands the big picture and the unique needs of a joint venture participant.’

‘Bruce Stephen does an outstanding job. He is often the voice of reason between competing counter-parties.’

‘Straightforward and clear guidance on banking matters. Pragmatic and collaborative approach.’

Key clients

Lloyds Banking Group/Bank of Scotland plc

NatWest Group

HSBC Bank Plc

Scottish Enterprise

Premium Brands Holdings Corporation

DNB Bank

Garroch Investments Limited

Bank of Ireland

Secure Trust Bank plc

European Investment Bank

Work highlights

  • Acting for Goldman Sachs Bank USA to provide Scots law advice in connection with the financing aspects of the high-value takeover of Wm Morrison Supermarkets plc by US private equity firm Clayton, Dubilier & Rice for an enterprise value of £9.7bn.
  • Involved in NordDeutsche Landesbank Girozentrale, Bank of Ireland and European Investment Bank extensive Irish PPP project programme, and the financing arrangements following market precedents established in a UK context, in particular the recent A465 Welsh Roads project in the UK.
  • Supported Insight Enterprises Inc, headquartered in Arizona, on amendments to its existing facilities, advising on matters relating to UK law and co-ordinating counsel and specialist advice across Insight’s EMEA locations.

Burness Paull LLP

Providing ‘excellent technical skills allied to a very commercial approach’, the market-leading banking and finance team at Burness Paull LLP is highly sought after for its extensive expertise regarding real estate, funds, and acquisition and leveraged finance transactions, with a particular strength in the energy sector, including both renewables and oil and gas. Team head Jonathan Heaney’s practice focuses heavily on real estate financing and corporate lending, while Dawn Reoch has a highly respected presence in the leveraged finance space. John Kennedy is particularly well known in the energy financing market, with Alan Cassels adding significant receivables and project finance experience, having joined the team in June 2022 from Pinsent Masons LLP. Fund finance lead Andrew Christie has a strong focus on security structures, while director’s Sophie Coffey and Gemma Young are also key team members; the former is highly active on the borrower and sponsor side and the latter brings a wealth of experience in the Scots law aspects of securitisation and structured finance transactions.

Practice head(s):

Jonathan Heaney

Other key lawyers:

Dawn Reoch; John Kennedy; Alan Cassels; Andrew Christie; Sophie Coffey; Gemma Young


‘Solid, first-rate advice is a given, but also the level of empathy Burness Paull shows is exceptional.’

‘The Burness Paull banking and finance team is incredibly hard-working, extremely responsive and very commercial.’

‘Dawn Reoch all-round is an outstanding lawyer. She is highly technical, hard-working, very commercial, responsive and, above all, great to work with and a thoroughly nice person.’

‘Their key strength is in their depth and sector specialism. Burness Paull are a renewable energy firm who intimately understand the sector and the market. Their lawyers are well experienced with projects in this asset class and the unique challenges and risk allocation they bring.’

‘They are approachable, hard-working and very active members of the Scottish energy market.’

‘Sophie Coffey is a very experienced banking and finance lawyer. She has supported on a number of finance and M&A processes in connection with Scottish renewable energy assets over the years. She is knowledgeable, easy to work with and can sensibly benchmark positions across similar projects.’

‘Excellent technical skills allied to a very commercial approach and great fun to work with.’

‘Jonathan Heaney is top class.’

Key clients

Harris Family Trusts / Butlins

Highland Spring Limited

Macdonald Hotels

Smart Metering Systems plc

Sanctuary Capital PLC and Sanctuary Scotland Housing Association

Springfield Properties

Liberty Theta Limited [(Liberty of London)]

Cruden Homes

Traditional lenders (incl. Santander UK plc, Royal Bank of Scotland plc Bank of Scotland plc, Clydesdale Bank plc)

Private equity sponsors (incl. Kings Park Capital, Kester Capital, Maven Capital Partners, n4, Three Hills Capital Partners, Bluegem Capital Partners plc, Magnesium Capital, MDP, Lonsdale Capital Partners)

Work highlights

  • Acting as lead counsel to the Harris Family Trusts and Butlins in relation to syndicated senior and super senior facilities and merchant service lines in connection with the acquisition of Butlins and ongoing working capital requirements of the Butlins group.
  • Acting as global counsel to household brand Highland Spring in connection with its £50m+ strategically important refinancing with Breal Zeta and Bank Leumi.
  • Acting for HICP Holdings Limited in relation upsizing its facilities and acquiring Baxters Place Limited (owner of an AC Marriot Hotel in Edinburgh). This helps demonstrate our strong financing credentials in relation to the hotel and leisure sector.


With breadth and depth of expertise alike, the finance team at CMS covers all facets of the Scottish banking market, encompassing corporate, real estate, project, fund, asset, and shipping and aircraft finance transactions. Gordon Hay heads the banking team across the UK and is a project finance specialist, acting for major banks and borrowers on a variety of transactions. Alan Fulton is known for his substantial experience in leveraged and acquisition finance, while Jenny Allan is a powerhouse when it comes to energy finance, including renewables projects such as onshore wind, solar and hydro projects. Caryn Miller acts for lenders and borrowers in all areas of corporate, acquisition and development finance, with Stephen Phillips being the go-to for receivables, derivatives and securitisations.

Practice head(s):

Gordon Hay

Other key lawyers:

Alan Fulton; Jenny Allan; Caryn Miller; Stephen Phillips

Key clients

Aviva Investors

Scottish National Investment Bank (SNIB) (via its investment vehicle Scottish Investments Limited)

Close Leasing Limited

Barclays Bank PLC

HSBC UK Bank plc

International Swaps and Derivatives Association Inc. (ISDA)

Shawbrook Bank Limited

International Capital Markets Association (ICMA) and International Securities Lending Association (ISLA)

Unity Trust Bank PLC

Work highlights

Pinsent Masons LLP

Operating at the apex of the Scottish financial market, Pinsent Masons LLP offers expertise in project, real estate and leveraged finance, as well as more niche areas of law, such as the LIBOR transition, ring-fencing, and oil and gas reserve-based lending. Team head John Maciver is highly active for lenders, borrowers and other loan market participants, while Richard Scott focuses on acquisition, vessel and real estate finance. The ‘simply outstandingGillian Frew is a specialist energy and infrastructure finance lawyer, with expertise in renewables as well as oil and gas.

Practice head(s):

John Maciver

Other key lawyers:

Richard Scott; Gillian Frew


‘From an oil and gas perspective, the Pinsents team in Edinburgh has a real understanding of the industry and is part of that small group of firms that has a genuine depth of experience in oil and gas debt finance, especially with respect to reserved based lending.’

‘Their familiarity with lenders to the oil and gas industry and the other expert firms in the field is invaluable.’

‘Gillian Frew is simply outstanding. She has a combination of knowledge, commercial awareness and a manner that sets her apart, and it is a genuine pleasure to work with her.’

Key clients

Natwest Group

Homes England

Lloyds Banking Group

Santander UK Plc

HSBC UK Bank Plc

Bricks Capital

Wells Fargo Bank N.A. (London Branch)

First Abu Dhabi Bank P.J.S.C


Springfield Properties plc

Smart Meter Assets 1 Limited

Horizon Energy Infrastructure Limited

The Silvertown Partnership LLP

NTR plc

Afentra plc

Work highlights

  • Acted for Smart Meter Assets 1 Limited (SMA) in connection with their £545m refinancing of the short-dated debt facilities raised at the time of the acquisition of SMA by Arcus Infrastructure Partners and GLIL Infrastructure in May 2021.
  • Advised Horizon Energy Infrastructure Limited, a UK-based smart metering asset provider, in relation to the c.£350m refinancing of their debt facilities put in place at the time of its acquisition by Arcus Infrastructure Partners.
  • Acted for The Silvertown Partnership LLP in relation to their loan facilities with Homes England in respect of their development of a mixed-use site at Silvertown Quays in London – the largest urban regeneration project in western Europe.

Addleshaw Goddard

Leveraging a strong presence throughout Scotland and the UK, Addleshaw Goddard’s finance team is renowned for its tenacity regarding complex asset-based lending and corporate refinancings, project and acquisition finance, as well as real estate developments and investments. Alan Shanks is a veteran in the acquisition and project finance space, particularly in the energy sector, while Euan Cluness is seen as a leading authority for acquisition finance and asset-based lending. Gaenor Cassell has a diverse range of clients which spans corporates, PE funds and international and domestic banks. Director John Waller focuses heavily on real estate finance, with associate Peter Smartt also adding experience in leveraged and specialty finance.

Practice head(s):

Alan Shanks

Other key lawyers:

Euan Cluness; Gaenor Cassel; John Waller; Peter Smartt


‘Very commercial, responsive and efficient’

‘Euan Cluness has become a go-to legal advisor in his area of practice. Time and time again he is exceptional in finding commercially driven solutions across financing agreements, he has a very good grip on the market and what is seen as acceptable.’

‘Addleshaw Goddard completely understand the local market and often provide clients with insights they simply wouldn’t otherwise be aware of.’

‘Euan Cluness is great at working with a client’s sales team and helping to translate their requests into clear and well-thought-out legal provisions.’

‘Euan Cluness is a capable negotiator who always presents his client’s position fairly.’

‘Peter Smartt is an extremely capable senior associate with a really good understanding of his client’s documents and preferred approach to legal risk. Peter is organised, runs a transaction efficiently and clearly works hard for his clients.’

‘A strong team with a proactive approach to managing the requirements. This allows a good focus on the key issues and potential alternative solutions.’

‘Each of the staff has a strong commitment to client requirements and focus on how best to navigate through the key areas of contention. A partner-led approach to ensure the key issues are appropriately identified and prioritised.’

Key clients

National Timber Group Topco Limited

RBS Invoice Finance Limited

Breal Zeta

Bywater Properties

Loch Bidco Limited

Motive Bidco Limited

Barclays Bank plc

HSBC UK Bank plc

Clydesdale Bank trading as Virgin Money

The Royal Bank of Scotland plc

Work highlights

  • Advised a syndicate of lenders in relation to the provision of bespoke asset based finance of £150m to one of the leading suppliers of malt to the brewing and distilling industry.
  • Advised National Timber Group Topco Limited in relation to the refinance of its facilities, consisting of a mixture of a term loan B facility and super senior facilities to support its working capital requirements and to fund further strategic acquisitions.
  • Acting for Bywater Properties in relation to the development of and investment in various properties throughout the UK.


Utilising an extensive global network of specialists, Dentons acts for a number of major clients operating in Scotland on complex cross-border transactions, spanning a broad range of conventional and alternative financial areas. Team head Stuart Fitzsimmons is considered a market leader for investment trust sector financings and private placement debt transactions. Susan Kelly offers vast experience of advising both borrowers and lenders across a broad range of sectors, including food and drink, manufacturing, technology and real estate. Another key member in Edinburgh is James Wilson, his practice covers real estate finance, leveraged finance and Shariah-compliant structures.

Practice head(s):

Stuart Fitzsimmons

Other key lawyers:

Susan Kelly; James Wilson


‘A very efficient, knowledgeable, helpful and professional team.’

‘They have always gone the extra mile to meet tight deadlines and provide assistance where needed.’

‘Robust technical and commercial understanding of the full range of debt instruments.’

‘James Wilson is very helpful in exploring options around the most appropriate controls to manage risk.’

Key clients

Circularity Scotland Limited

Devro plc

Card Factory plc

Canadian Imperial Bank of Commerce

Sigma Capital Group Limited

Scottish National Investment Bank plc

Kongsberg Gruppen ASA

HSBC Bank plc

3i Group plc

Harwood Private Capital LLP

Work highlights

  • Advised Circularity Scotland Limited on a term loan facility of £18m to be used to help fund the start-up costs of its role as administrator of Scotland’s Deposit Return Scheme. The Scheme is the first of its kind in the UK and is intended to help people recycle billions of single-use drinks containers every year.
  • Advised Devro in relation to an increase in its banking facilities to £90m, comprising both term and revolving credit facilities as well as an accordion option for additional facilities to be provided by a syndicate of five lenders.
  • Advised Card Factory on the refinancing of the revolving credit and term loan facilities provided to Card Factory by a syndicate of four banks, the amendment of the CLBILS facilities provided by those banks and the related intercreditor arrangements.

Shepherd and Wedderburn

Shepherd and Wedderburn offer a full-service banking practice which is active across the spectrum of areas such as acquisition, leveraged, real estate and Islamic finance, as well as syndicated lending and refinancing issues. Fiona Buchanan heads up the practice, regularly advising major UK and foreign financial institutions on structured multi-jurisdictional debt capital markets and securitisation deals. Andrew Kinnes focuses on leveraged and property finance, while Hamish Patrick is a specialist regarding structured financing matters. Clare Foster heads the clean energy and project finance team.

Practice head(s):

Fiona Buchanan

Other key lawyers:

Andrew Kinnes; Hamish Patrick; Clare Foster

Key clients

Virgin Money

Lloyds Banking Group


BNP Paribas


Blackstone Group

M&G Investment Management Limited

Clydesdale Financial Services

Coventry Building Society

Yorkshire Building Society

Work highlights

  • Acting as lead adviser for Moray Offshore Windfarm (East) Limited in respect of the transition of the £2.6bn project financing of their Moray East offshore wind farm project from LIBOR to SONIA.
  • Acting for Yorkshire Building Society in relation to an issuance of £500m Floating Rate Series 18 Covered Bonds due January 2027.
  • Advising Volkswagen Financial Services (UK) Limited on £2bn asset-backed note programme

Anderson Strathern

Anderson Strathern boasts an impressive roster of clients in the banking sphere, servicing high-calibre domestic commercial banks and lending institutions, corporates, SMEs, and other governmental and public sector entities. The practice, which offers a wide scope of expertise ranging from real estate and energy to corporate and structured finance, is overseen by Gillian Anderson, who is vastly experienced in project finance, asset finance and secured lending.

Practice head(s):

Gillian Anderson

Key clients

NatWest Group

Crown Estate Scotland

Halo Kilmarnock Limited


Buccleuch Group

Klondyke Group Limited

Edinburgh Napier University

Apex Hotels Group

Hampden & Co

Work highlights

DLA Piper

DLA Piper continues to advise clients at the top end of the Scottish banking sector, being regularly sought after by major domestic and UK banks to advise across the full range of banking and finance issues. The dual-qualified Allan Leal heads up the practice, offering specialist expertise across key areas including fund finance, restructurings and securitisation. He is supported by William Reid, who was promoted to legal director in May 2022 and specialises in corporate lending, acquisition and leveraged finance.

Practice head(s):

Allan Leal

Other key lawyers:

William Reid


‘We have been working with the DLA Piper team now for many years and value the consistently high-quality advice and service we receive at a competitive price.’ 

‘The team are very experienced and also know us very well, having worked on multiple deals together.’

‘The team at DLA are trusted advisors of ours, having worked closely with them over the last ten years or so.’ 

‘They are always clear on making sure we cover everything that is required within the initial quote and that the scope encompasses all that is necessary.’

Key clients

Santander UK plc


Clydesdale Bank plc (Virgin Money)

Motive Offshore Group Holdings Limited

Lloyds Banking Group



Vespa Capital


Harrison Street

Work highlights

  • Acting for Santander on funding the acquisition of Enamel Dental Group by Real Good Dental.
  • Acting on behalf of NatWest on funding AcalisCare’s acquisition of Scottish headquartered Balhousie Care Group.
  • Advising Virgin Money on its £48m refinancing of five hotels for Axcel Hospitality, the UK-based hotel owner-operator.

Harper Macleod LLP

Providing a ‘top-class service across the various disciplines in the team’, the banking and finance practice at Harper Macleod LLP regularly represents some of Scotland’s most significant high street and blue-chip lenders, investors, funds, borrowers and alternative lenders. Team head Tony Cameron brings over two decades of experience handling real estate, project and acquisition finance, as well as asset-backed lending and restructurings. Jacqui Fraser has a solid reputation for her real estate finance expertise.

Practice head(s):

Tony Cameron

Other key lawyers:

Jacqui Fraser


‘Excellent team, always helpful and efficient.’

‘They always deliver in a timely manner and are extremely commercial in their thinking and focus on getting a transaction completed whilst protecting their clients’ interest.’

‘Individuals are personable, engaging and highly knowledgeable.’

‘Their availability, focus on the transaction to get it completed together with their forthcoming legal advice is key.’

‘Top-class service across the various disciplines in the team, always available and with commercial sense when conducting negotiations on either side of the table.’

‘Tony Cameron’s relationship skills are second to none.’

‘Tony Cameron is an excellent ambassador for the firm, and his clients would have no hesitation recommending Harper Macleod to any of their contacts across the Scottish business community.’

‘Access to the specialist areas of legal work I require to a high standard with local offices, reasonable pricing and good service levels.’

Key clients

Lloyds Banking Group/Bank of Scotland

Virgin Money/Clydesdale Bank


City Property Glasgow (Operations SL3) LLP

Cynergy Bank

CBRE Group

Abundance Investment Limited

Halfords Group

SME Capital

Cumberland Building Society

Work highlights

  • Advised City Property Glasgow (Operations SL3) LLP and Glasgow City Council on the complex long term £200m funding of the sale and leaseback of six iconic Glasgow buildings.
  • Acting for Clydesdale Bank/Virgin Money on the making available of revolving credit facilities and an uncommitted accordion facility to Foresight Forestry Company plc an LSE listed company investing in forestry, with sustainability and green credentials.
  • Acting for Santander UK plc in the provision of a £20m working capital funding package to the Target Healthcare group, a Scotland based pharmaceutical manufacturer and supplier.

Morton Fraser MacRoberts

The recent Morton Fraser MacRoberts MacRoberts merger has brought together two well-known legal brands; the combined team has well-known strengths in receivables finance and asset-based lending transactions, as well as consumer and retail finance. Key names include asset finance specialist Beverly Wood and Andrew Meakin, who offers particular expertise in real estate finance and debt restructuring. The team also has strengths in corporate banking, development and real estate finance and enforcement advice. Norman Martin brings over 30 years of primarily transactional banking experience.

Practice head(s):

Beverley Wood; Norman Martin

Other key lawyers:

Andrew Meakin


‘Beverly Wood gives the highest quality of service in a timely and responsive manner.’

‘Beverly Wood always goes the extra mile to meet client needs in what can at times be demanding timescales.’

‘Very approachable team. Clients feel comfortable picking up the phone to Andrew Meakin to discuss any legal queries that arise.’

Key clients

Spire Global, Inc.


Schuh Group

Stellus Capital Partners

The Royal Bank of Scotland

National Westminster Bank

Lloyds Bank

Bank of Scotland

Barclays Bank

Santander UK

Investec Bank

Bank of Ireland

Danske Bank

Cumberland Building Society

Norfolk Capital group

Cadence Bank

Work highlights

  • Acted for Spire Global Inc in $120m refinancing transaction.
  • Acted for DNB in CAN$1000m financing of Cooke Aquaculture Group.
  • Acted for Stellus Capital Partners in connection with its $50m funding of the acquisition of Inoapps.


Seeing considerable growth in the firm’s leveraged finance and general corporate lending practice, Shoosmiths' banking team has built upon their already solid reputation for real estate finance work, drawing on specialist experience in key property sectors such as build to rent and purpose-built student accommodation. Fiona Cameron jointly leads the team and has overseen the continued development of niche expertise in Islamic finance and ESG matters, while co-head Sheelagh Cooley acts for both borrowers and lenders in the local real estate market.

Practice head(s):

Fiona Cameron; Sheelagh Cooley

Key clients

Arrow Global

Avant Homes

Gresham House

Santander UK plc

Astir Living Limited

Ultimate Finance

Cinnamon Care Capital

Moorfield Group

Cohort Capital

Arbuthnot Specialist Finance

EPD No. 2

New Age Developers

Work highlights

  • Advised Moorfield Group in relation to the development funding for its first co-living project.
  • Advised Cohort Capital in relation to funding provided by it for the acquisition of Great West House and Honeywell House, Brentford.
  • Advised New Age Developments in relation to development finance (through Clean Growth Financing Initiative) for a site in Edinburgh.


Providing 'high-quality banking services' for a number of major domestic and international banks and lenders, TLT is particularly well regarded for its expertise in debt finance transactions, with a particular strength in the hotels and leisure and renewables sectors. Practice head Douglas Gourlay has broad expertise in both transactional and advisory banking work, including complex acquisition finance, securitisation and restructurings.

Practice head(s):

Douglas Gourlay

Other key lawyers:

Fiona Armour


‘They are switched on, provide sound advice and solutions, speedy responses and are pro-active in pushing for the deal to complete on schedule.’

‘Douglas Gourlay is always calm and measured throughout the transaction, and consistently provides good advice and/or options to ensure deadlines are met.’

‘There are a number of strengths within team. They are extremely proactive, their commitment to the client is second to none and they are always available.’

‘Douglas Gourlay is an exceptional solicitor who has assembled a fantastic team around him.’

‘Douglas Gourlay offers professionalism, proactivity, commercialism and pragmatism.’

‘Douglas Gourlay is available at all times of the day for his client, which makes him a go-to lawyer of choice.’

‘Fiona Armour is a fantastic relationship partner.. Looks after our interests at all times.’

Key clients

AIB Group (UK) plc

Santander UK plc

Ortus Secured Finance

Punjab National Bank (International) Limited

Eurobank Cyprus

Triodos Bank UK

ICICI Bank (UK) plc

Bank of Ireland

McGills Bus Service Limited

Downing LLP

Assetz SME Capital Limited

Bank of India

Banco Safra


Coutts & Co

Work highlights

  • Advised NatWest on a £22m financing for the acquisition by Blantyre Capital Limited and Fairtree Alternative Real Estate of Dunkeld House Hotel and Fonab Castle Hotel.
  • Advised Santander on a circa £62m construction and operational financing to Zenobe of one of Scotland’s largest battery storage projects.
  • Advised Swen Capital Partners on a £29m institutional refinance of a portfolio of anaerobic digestion projects and financing construction and operation of new facilities.

Blackwood Partners LLP

Blackwood Partners LLP is a niche Aberdeen-based practice, particularly known for sponsor-side acquisition finance in the energy market. Scott Swankie leads the team, who in addition to particular expertise on M&A, and PE acquisition finance, has experience in general corporate banking, debt restructuring and property financings.

Practice head(s):

Scott Swankie


‘Strong boutique commercial law firm in Aberdeen with very experienced commercial lawyers.’

‘Scott Swankie has a very commercial and dedicated approach. Extensive experience of facilities documentation.’

‘A key strength is their sector knowledge and connections to drive an informed and efficient engagement.’

Key clients

Centurion Group

Hydrasun Group

SCF Partners

Ashtead Technology

Coretrax Technology

Score Group

Buckthorn Partners


TWMA Group

Glacier Energy Services

Clydesdale Bank

Scottish Loan Fund

Maven Capital Partners

Simmons Private Equity

Bluewater Energy

Balmoral Group

Ardyne Holdings Limited

North Star Shipping

Keenan (Recycling) Limited

Pipleine Technique Limited

Amey UK Limited

Aquaterra Group


Front Row Energy


One Equity Partners

Unity Well Integrity

Work highlights

  • Acted for Buckthorn Partners/One Equity in relation to the banking and finance aspects of the acquisition of Amey UK Limited, the leading infrastructure and engineering company, by a Newco established for the purpose of the acquisition.
  • Acted for North Star Shipping in relation to its secured financing with National Investment Bank, IFM Investors, RBS Capital Markets and others.
  • Acted for Pipeline Technique Limited and Blue Water Energy in relation to the financing elements of the acquisition by Pipeline Technique of CRC-Evans, Pipeline Induction Heat and Stanley Inspection from Stanley Black & Decker.

BTO Solicitors LLP

BTO Solicitors LLP handles a variety of transactional work which spans corporate finance transactions, complex finance and restructuring exercises, and also acts for clearing banks on lending transactions to pension schemes. The practice has a broad sector focus which encompasses social housing, renewables, industrial and leisure, and is led by Nicholas McBride, who has niche expertise in ethical and social finance. He is supported by corporate finance specialist Jeremy Glen, who is active on restructuring, takeovers and share repurchase programmes.

Practice head(s):

Nicolas McBride

Other key lawyers:

Jeremy Glen

Key clients

Close Brothers Limited

Triodos Bank UK Limited

Crowd Property Limited

Maven Calmont (Dalian House) LLP

Lloyds Banking Group

Royal Bank of Scotland PLC

Stena Line Group

Crieff Hydro Limited

Eden River LLP

Bright Stars Nurseries Limited

Work highlights

  • Acting for Triodos Bank UK Limited in the restatement of its Facility Agreement for Blackwood Homes and Care, a Housing Association at a high value of £5m.
  • Advising Close Brothers Limited on a facility valued at £8.74m.
  • Acted for Stena Line Group in respect to a global refinance exercise relating to the company’s Scottish Ferry Terminal/Port facilities. For indicative purposes this revolving multi-currency credit facility values c. €535m.

Burges Salmon LLP

With a particular strength advising on financing transactions concerning renewable energy and infrastructure projects, Burges Salmon LLP also has a solid track record when it comes to real estate, leveraged deals, corporate and acquisition finance. Stuart McMillan leads the practice and was also appointed head of the firm’s infrastructure group in May 2022, reflecting his ability to complete innovative financial transactions in that sector.

Practice head(s):

Stuart McMillan


‘The team is easy to work with, close to the business issues and pragmatic.’

‘Stuart McMillan is solution-oriented, delivers hands-on advice and is always happy to help clients.’

‘Pragmatic without professional compromise.’

‘The well-connected Stuart McMillan is knowledgeable and draws on market experience.’

‘The Scottish team is down to earth and easy to deal with.’

‘Their sector focus is highly specialised, and they have a great handle on how the world works from an asset-based lending point of view.’

‘Stuart McMillan is a friendly and professional partner who is commercially minded and not one to “sit on the fence” – he provides clear-cut, concise advice and always explains in detail the rationale when guiding on decisions.’

‘Burges Salmon have worked very hard on their relationship with us and as a consequence understand in great detail what is important to us and our clients, ensuring that the work they produce for us reflects those and protects our best interests with very little peripheral guidance.’

Key clients

Oak Corporate Credit Designated Activity

Bank of Scotland plc

Ooni Limited

Brookfield Global Renewable Energy

Forsa Energy Gas Acquisitions Holdco 5 L

Birch Corporate Credit Designated Activity Company

Blackfinch Investments Limited

Work highlights

  • Acted as Scots counsel for Oak Corporate Credit Designated Activity Company in relation to a term loan facility provided to facilitate the financing of the MBO of Northwind 5S (Holdings) Limited, which operates Goals Soccer Centres throughout the UK.
  • Acted for Bank of Scotland plc as lender on a £16.7m property development facility for a housing development in Corstorphine Edinburgh.
  • Acted for Ooni Limited as Borrower on a £50m facility agreement with HSBC and Silicon Valley Bank to enable it to further invest and expand its fast-growing pizza-oven business.

Gillespie Macandrew LLP

The banking and finance group at Gillespie Macandrew LLP considers agriculture and rural affairs, real estate and renewables as key strengths, also offering experience advising funders and recipients in relation to third sector projects. Team head Kenneth Irons is a property finance specialist, bringing expertise of finance issues facing clearing and challenger banks, as well as secondary lenders. Legal director Ross MacRae is a key contact, his practice focusing on real estate and development finance.

Practice head(s):

Kenneth Irons

Other key lawyers:

Ross MacRae


‘The team feels and acts as an extension of their client’s office.’

‘Available, attentive, knowledgeable and very friendly.’

‘Local, accessible, and extremely well-connected to other experts.’

Key clients

Assetz SME Capital Limited

Gresham House Forestry Limited (formerly Aitchesse Limited)

Avant Homes Group

Avignon Capital Limited

AMA Homes Group

Reward Capital Limited

Work highlights

  • Acted for AMA (Tor 1) Limited in an amendment/refinance of a key development asset in central Edinburgh.


With a varied client list of major lenders and borrowers, Lindsays banking group specialises in property and corporate finance, but also has extensive experience of private banking, bridging, development and rural finance. Property finance specialist Gavin Buchan leads the team, having previously acted on a variety of large scale portfolio refinance transactions, many involving cross-border elements.

Practice head(s):

Gavin Buchan


‘Lindsays are a unique practice because of the manner in which they interact with their clients. They are highly professional yet always very client friendly in the way in which they deal with matters at hand.’

‘Gavin Buchan is very knowledgable and always professional.’

‘Gavin Buchan responds in a timely manner, and he’s always on the ball re availability for calls etc to discuss documents and complicated queries.’

‘Gavin Buchan always maintains a good balance between great professionalism while remaining very client friendly.’

Key clients

OakNorth Bank plc

Allica Bank plc

Unbranded Finance

Assetz Capital

Redwood Bank

Metro Bank


Clydesdale Bank/Virgin Money

Aldermore Bank

Social Investment Scotland

Work highlights

  • Advising a lender in relation to the Scottish aspects of a £30m, portfolio refinance.
  • Advising the lender in relation to a £1.4m loan secured by 12 commercial properties located across Scotland.
  • Acting for a borrower refinancing an existing debt, obtaining new development funding and simultaneously restructuring.