The ‘highly knowledgeable‘ team at Blake Morgan LLP primarily acts for banks and institutional lenders on the full range of mid-market transactions, in addition to dispensing advice to SMEs and social housing providers on development financing matters. Meera Jansen leads the London team, while Southampton-based practice head Kath Shimmin has longstanding experience in financial services compliance, collective investment schemes, and syndicated debt transactions. Leading the Thames Valley practice, advises clearing banks and education charities on mid-market evaluation matters, and associate Jake Holmes is a ‘go-to solicitor‘ who divides his time between the Southampton and Thames Valley offices, contributing his expertise in leveraged and structured finance deals. Former Thames Valley practice head Rebecca McCabe-North has left the firm.
Banking and finance in South East
Blake Morgan LLP
Practice head(s):
Meera Jansen; Kath Shimmin
Other key lawyers:
Guy Constant; Richard Humphreys; Jake Holmes
Testimonials
‘Thorough, commercial minded and always meeting deadlines with an impeccable job done. Great teamwork and always someone there to pick up the phone.’
‘Guy Constant has exceptional knowledge in corporate transactions. Jake Holmes is a go-to solicitor, he is very commercially minded and provides great solutions.’
‘Really approachable team, highly knowledgeable, their advice is always highly commercial to guide decision makers on rationale and balance between legal and commercial realities.’
‘Guy Constant and Jake Holmes have excellent teamwork between them and are seamless when giving highly practical and timely commercial advice. My go-to resource for all banking and finance related work.’
Key clients
HSBC UK Bank plc
Santander UK plc
National Westminster Bank plc
Metro Bank plc
Propel Finance plc
Investec Bank plc
Clydesdale Bank plc
Coutts
BAWAG PSK
National Small-bore Rifle Association
Work highlights
- Acting for Propel Finance Plc on its first private securitisation as part of a £310m financing round.
- Acting for HSBC in connection with a term and revolving credit facility in the aggregate amount of £30m to the Constantine group, a specialist in fine art logistics.
- Acting on behalf of HSBC in connection with the provision of sustainability linked term loan facilities in the aggregate amount of £20m and a revolving credit in the amount of £6m to Shoreham Port Authority, a statutory trust port and accredited EcoPort.
Dentons
The ‘very approachable and highly capable‘ Milton Keynes-based team at Dentons handles the full range of bilateral acquisitions and Islamic financing mandates for both borrowers and lenders. Practice head Christopher Colclough often advises domestic and international lenders on acquisition financing issues regarding retail and office spaces. Robert Wyatt leads the real estate finance team, and regularly acts for high street banks in real estate financings, while Faye Garvey maintains a leveraged finance-focused practice and primarily assists international lenders with syndicated lending matters. Associate Matthew Exton acts for a variety of borrowers in the automotive, infrastructure and insurance sectors.
Practice head(s):
Christopher Colclough
Other key lawyers:
Robert Wyatt; Faye Garvey; Matthew Exton
Testimonials
‘They are consistently diligent, prompt, and resolve issues in a timely manner.’
‘Very approachable and highly capable.’
Key clients
HSBC Bank
NatWest
Metro Bank
Qatar Islamic Bank (QIB) (UK) plc
Santander
Bank of Montreal
Royal Bank of Canada
Home Décor GB Limited
Africa Mobile Networks Limited
Fifth Third Bank
DMH Stallard LLP
Sarah Naylor leads the Gatwick-based team at DMH Stallard LLP, which assists a varied client base of lenders and borrowers, most notably National Westminster Group and Santander UK. The team frequently assists with problem loans and bridging finance issues, and Naylor regularly acts for a range of lenders, including asset-based lenders and challenger banks in the hotels sector. Associate Tyne Harman has broad experience spanning refinancing and debt financing matters, and Ralph Crane focuses on secured lending issues and the refinancing and purchasing of businesses, while Anne Milne is particularly adept at handling issues concerning property finance transactions, often acting for major banks and charities.
Practice head(s):
Sarah Naylor
Other key lawyers:
Ralph Crane; Anne Milne; Gwen Godfrey; Tyne Harman
Testimonials
‘The team are excellent in terms of response times and in the quality of advice they provide.’
‘Sarah Naylor is an absolute asset to the firm and has often gone above and beyond when timescales demand.’
Key clients
Shoreham Port Authority
National Westminster Bank plc
RBS
Coutts
Santander UK plc
Caffyns plc
Arbuthnot Commercial Asset Based Lending Limited
Work highlights
- Advising Caffyns PLC on the refinance and extension of its term loan and revolving credit facilities with its incumbent lender, HSBC UK Bank plc.
- Advising Arbuthnot Commercial Asset Based Lending in connection with the provision of cashflow and accounts receivable facilities to the Longacre Group-backed company, iDESo Group Ltd, to facilitate its acquisition of Inspec Solutions Limited.
Osborne Clarke LLP
Osborne Clarke LLP’s practice handles the full spectrum of private equity and financing transactions, and is praised by clients for ‘structuring innovative solutions‘, particularly in relation to leveraged financing, investment fund and debt fund work. Hugh Jones leads the Thames Valley-based team, and primarily handles acquisition financing issues for major banks, including Lloyds Bank, HSBC UK Bank and Santander UK. Rebecca Scott has extensive experience in acting for corporate borrowers and financial sponsors in syndicated and bilateral transactions within the retail, technology, and healthcare sectors. Associate director Laura Hanley also contributes to the practice.
Practice head(s):
Hugh Jones
Other key lawyers:
Rebecca Scott; Daniel Barnhouse; Laura Hanley
Testimonials
‘Consistent professional approach, structuring innovative solutions in bespoke situations. Providing sound legal advice to assist commercial decision making.’
‘Hugh Jones and Dan Barnhouse are professional, efficient, providing innovative solutions.’
Key clients
National Westminster Bank plc
HSBC UK Bank plc
Lloyds Bank plc
Santander UK plc
Bank of Ireland Corporate Banking
Alcuin Capital Partners
Lloyds Development Capital
Growth Capital Partners
Tenzing Private Equity LLP
Ambienta SGR SpA
Work highlights
- Advised Collingwood Lighting group on new facilities provided by LGT and Shawbrook Bank to help fund the acquisition of an Italian company, Nobile Italia, and to support the group’s buy-and-build strategy.
Shoosmiths LLP
The ‘strong team of very capable lawyers‘ at Shoosmiths LLP dispenses advice to a diverse client base of domestic and international corporate borrowers, private equity houses, and funds seeking to invest overseas. Alexandra Tiptree leads the Thames Valley-based team with her broad knowledge of leverage finance work, often advising borrowers and lenders on structured finance transactions, while the ‘calm and considered‘ Rebecca Mauleverer is particularly adept at handling matters concerning corporate lending. Sarah Fairweather has moved to Jaffa & Co.
Practice head(s):
Alexandra Tiptree
Other key lawyers:
Rebecca Mauleverer; Callum Larkin
Testimonials
‘Precise, proactive and responsive are three qualities which this team has in buckets. They excel in tackling complex transactions with lots of moving parts and bringing all pieces together at the right time.’
‘Ali Tiptree offers grounded legal advice.’
‘Rebecca Mauleverer has pulled together a strong team of very capable lawyers. Rebecca herself is great to have on-deal. She has seen it all and brings a calm and considered head to transactions. She is solution-minded, without taking her eye off the legal risks and ensuring these are covered off.’
‘An experienced team of banking professionals able to guide clients through the complexities of banking documentation.’
‘Callum Larkin is a high quality solicitor with a calm and considered approach that belies his age.’
‘The team have a vast amount of experience. They are pro-active with their advice and keep me appraised throughout a process, breaking certain aspects down.’
‘Team are always on hand to give advice, check understanding, and also be flexible when it comes to wording non-standard clauses.’
‘Strong team, ensuring timely and spotless execution of their workstream.’
Key clients
Dukes Education Group
Cavendish Education Group
Erevena Limited
Paragon Business Finance PLC
Salt Finance Ltd
Promarine Finance Limited
Arbuthnot Commercial Asset Based Lending Limited
Shawbrook Bank Limited
Santander Bank UK Plc
Octopus Investments
Stek Advocaten
British International Investment plc (formerly CDC Group plc)
Boilerjuice Limited
Net1 International Holdings AS
Cohort plc
Foundation Investment Partners Limited
Alpha Group Bidco Limited
Terido LLP
Five Arrows Principal Investments
Five Arrows Growth Capital
Livingbridge Enterprises LLP
FRP Advisory LLP
NVM Private Equity LLP
Leumi ABL Limited
Work highlights
- Advising both the Cavendish Education Group and the Dukes Education Group on all their financings, including a significant upsize to the Dukes’s term and revolving facilities and a new highly structured multi-million financing for Cavendish.
- Advised Wizard Bidco (a Five Arrows backed company) in relation to its multi-million financing to fund a series of acquisitions of Mintec Limited, and AgriBriefing.
- Advised British International Investments plc on a multi-million-dollar financing of RFL Electronics, a consumer electronics manufacturer based in Bangladesh.
Stevens & Bolton LLP
Andrew Dodds heads up the Guildford-based practice at Stevens & Bolton LLP, which assists clients with the whole gamut of matters, including asset-based lending, venture debt finance, and refinancing matters within the healthcare, manufacturing and energy sectors. Notable clients include FatFace, Papa John’s, and OakNorth Bank. Dodds has great knowledge of investment partnerships and development financing issues, and Matthew Padian, who was promoted to partner in May 2022, often handles cross-border external debt facilities.
Practice head(s):
Andrew Dodds
Other key lawyers:
Matthew Padian
Testimonials
‘The team has become very accustomed to our business and understands what our objectives are and have tailored their advice and approach accordingly. Always available and accessible which is very useful, and pragmatic in their application and approach.’
‘Matthew Padian is competent and provides sound advice.’
‘Genuine client interest from Andrew Dodds… we didn’t feel like just another client.’
‘Matthew Padian – smart, super-conscientious and very user-friendly.’
‘For finance matters, they provide a City-type service and more tailored to the client.’
Key clients
FatFace
Westmont Hotels Group
Bright Stars Nurseries
OakNorth Bank
Lloyds Banking Group
Aspria
Rydon Homes & Construction
Pipe Technologies
Zenitech
Papa John’s
Work highlights
- Acting for OakNorth as a lender regarding the refinancing of the Simmons Bars chain.
- Advising Rock Rail on debt and equity arrangements for funding the construction, leasing and operation of trains running on the Main Weser rail network in Frankfurt.
- Advising Rygor Auto Group as borrower and its existing management directors on the management buy-out of the Rygor Automotive Group funded by term debt and invoice discounting facilities from Shawbrook Bank.
Womble Bond Dickinson (UK) LLP
The team at Womble Bond Dickinson (UK) LLP acts for a number of prominent high street banks and national corporations in matters concerning receivables and wholesale stocking, and equipment leasing issues. John Connor leads the practice nationally, while Graham Jeffries leads the southern group from Southampton. Jeffries predominantly advises on project and asset financing, and often acts for banks and lenders. Legal director Nicola Walker works out of the London practice and focuses on asset financing transactions.
Practice head(s):
John Connor; Graham Jeffries
Other key lawyers:
Benjy Waxman; Nicola Walker
Key clients
Chemring Group PLC
Renewable Energy Systems Limited
Invest and Fund Limited
First Alliance Properties Limited
VFS Legal Limited
Santander UK PLC
Lloyds Bank PLC
Work highlights
- Acted for Renewable Energy Systems Limited on supporting its own borrowing for a number of years, including advising the client in relation to derivative, bonding and guarantee facilities provided by Santander UK PLC and other lenders.
- Advised Chemring Group plc on its global bank facilities.
- Advising Invest and Fund Limited, a peer-to-peer lender specialising in bridging and development finance, on the standard documentation it uses as well as providing regulatory advice.
Cripps
Based in Tunbridge Wells, the team at Cripps houses a diverse practice, which assists clients with development, mezzanine, and asset financing issues. Craig Bowers heads up the practice with his broad experience in acting for borrowers, while Julie Hughes predominantly handles acquisition financing matters for borrowers in the real estate sector. Victoria Symons is particularly experienced in advising family offices and high-net-worth individuals on collective investment schemes, asset backed lending work, and collective investment schemes. The highly experienced Nicholas Fisher joined the team in April 2022. In early 2024, the firm merged with Horsham-based firm PDT Solicitors, which added the expertise of Noel Ruddy and Dawn Shadwell to the practice.
Practice head(s):
Craig Bowers
Other key lawyers:
Victoria Symons; Julie Hughes; Nicholas Fisher; Noel Ruddy; Dawn Shadwell
Testimonials
‘Great range of expertise, well organised through key account management, adaptable and understanding of your business needs, risks and priorities – strong problem-solvers.’
‘Very personable and solutions focused -feel like they “own” the challenge with you as part of your team, not just advisers – and workout what other advice needed alongside their own.’
‘Well-formed team, reactive with good subject knowledge.’
‘Experienced partners and knowledgeable associates who respond quickly and efficiently to queries and negotiations.’
Key clients
CH1 Investment Partners LLP
Peer Real Estate
Peer Freeholds Limited
Convivia Homes Holdings
Close Brothers Limited
Modulous
Holiday Extras
HiiRoc
Santander
Work highlights
- Advised Peer Group plc on the refinancing of two of its subsidiaries’ existing facilities with The Royal Bank of Scotland plc and Santander Bank plc.
- Advised Convivia Homes Holdings Limited on the negotiation of two separate facility agreements for the separate property owning SPVs along with security and other finance agreements.
- Advised CH1 Investment Partners LLP on regulatory and structuring matters concerning numerous alternative investment fund structures for high-net-worth investors.
Field Seymour Parkes LLP
Alex Illingworth leads the ‘highly competent‘ Reading-based team at Field Seymour Parkes LLP, which often acts for small developers and solar farms in matters concerning bridging and project financings. Illingworth advises a number of private lenders, borrowers and banks on the refinancing of debt facilities and revolving credit facility agreements, and ‘excellent banking lawyer‘ John Barker often dispenses advice on asset finance backed deals.
Practice head(s):
Alex Illingworth
Other key lawyers:
John Barker
Testimonials
‘John Barker is an excellent banking lawyer providing robust yet balanced advice to his banking clients.’
‘John Barker’s focus is on facilitating transactions whilst protecting the interests of his clients.’
‘The go-to legal practice in the Thames Valley. Highly competent lawyers who deliver a quality service at a sensible price.’
‘They’re outward looking, always looking for opportunities to make useful business connections.’
Key clients
Santander UK plc
Honda Finance Europe PLC
HSBC UK Bank PLC
WAKMoor (Assets) Limited
OakNorth Bank PLC
Bewley Homes PLC
Secure Trust Bank PLC
BGF Investments LP
National Westminster Bank Plc
On Direct Business Services Limited
Work highlights
- Advised Santander UK Plc on c£17.5m facility secured on residential properties in London.
- Advised BGF Investments LP on c£23m facility for Invenio.
- Advised Honda Finance Europe Plc on a review and update of its wholesale financing documentation suite.
Paris Smith LLP
The Southampton-based practice at Paris Smith LLP handles the full range of debt finance issues, having ‘excellent knowledge‘ of property and asset financing and acquisition projects. The team regularly assists clearing and challenger banks with debt and working capital facilities, and leveraged finance matters. James McNeil leads the team with his longstanding experience in acting for banks and corporates. Jonathon Roy maintains his corporate-focused practice, often advising owner-managed business on transactional matters. Liam Doughty has left the practice to join Walkers.
Other key lawyers:
Jonathon Roy; Edward Watson; Stuart Allen
Testimonials
‘They have excellent knowledge across the practice.’
‘They are friendly, easy to speak to, professional, with excellent knowledge.’
‘James McNeil – James always makes himself available regardless of whether it is a 2 minute or 30 minute conversation. His advice is always well founded from years of experience, we see him as a very valuable extension of the team.’
Key clients
Interbay Funding Ltd
Hampshire Trust Bank plc
PCF Bank plc
Santander UK plc
Castle Trust Plc
Hampshire Sport and Leisure Holdings Limited
Haskins Garden Centres Limited
Hilliers Nurseries Limited
Stelling Properties Limited and Unilife Limited
National Westminster Bank plc / The Royal Bank of Scotland plc
Penningtons Manches Cooper LLP
Penningtons Manches Cooper LLP‘s team often dispenses advice to clearing and overseas banks on real estate, project, and leveraged financing issues. The ‘very professional‘ John Chater leads the practice from Reading, utilising his deep knowledge of bilateral and syndicated transactions, and real estate investment finance. In Birmingham, senior associate Andy Rushfirth joined the team, contributing his experience in acting for specialist debt funds and alternative lenders in receivables finance matters.
Practice head(s):
John Chater
Other key lawyers:
Andy Rushfirth
Testimonials
‘The firm’s practice is very strong in the mid-size direct lending market.’
‘John Chater is very professional and responsive.’
‘A combination of broad expertise and technical specialism, alongside good local presence and active involvement in the local market.’
Key clients
Santander UK plc
AIB Group (UK) Plc
Bergs Timber AB
Punjab National Bank (International) Limited
HSBC UK Bank plc
Link Asset Services
Bangkok Bank Public Company Ltd
Bank of China
Compass Box Delicious Whisky Ltd
Hightown Housing Association
Scarborough Group International
Munroe K
Work highlights
- Advising HSBC UK Bank plc on the cross-border, multicurrency revolving credit facility and term loan to assist with the acquisition of a key target in the communications sector. The facilities constituted a $18m multicurrency term loan facility and £5m multicurrency revolving loan facility.
- Advised BioLite on an LMA facility based on sustainable principles, amounting to an initial commitment of $10m.
- Advised Compass Box Delicious Whisky Ltd. on its new £40m facility to assist with the acquisition and development of its new distillery.
Trethowans LLP
The ‘exceptional‘ Steve Cole leads the ‘excellent‘ team at Trethowans LLP, which is predominantly based in Southampton and is ‘ communicative, commercial, and skilful’ when assisting borrowers, lenders and investors with acquisition and Islamic finance work, in addition to agricultural finance and asset based lending matters within the legal sector. Rated by clients as ‘one of the very best‘, Cole advises on commercial and property finance issues within the leisure and education sectors. Working out of the Bournemouth office, Emma Earp assists corporate borrowers and lenders with loan agreements, deeds of priority, and project financing transactions. Nick Gent maintains a corporate-focused practice, frequently acting on matters involving leveraged private equity investment and corporate finance elements.
Practice head(s):
Steve Cole
Other key lawyers:
Emma Earp; Nick Gent; Harriet Olway
Testimonials
‘Good depth in the team and work is undertaken at partner level.’
The banking team, led by Steve Cole, are excellent. They are communicative, commercial, and skilful. They work hard to support the bank where required but also mindful of the client and achieving a successful outcome.’
‘Steve Cole, as with all his team, is communicative and knowledgeable. Steve is also very considered.’
‘Steve’s knowledge of lending and securities is invaluable to helping us achieve sound transaction structures. Harriet Olway has exceptional organisational skills and knowledge of security documents, ensuring we deliver a fast turnaround for our clients.’
‘Trethowans have the impressive ability to deliver high-quality work in tight time frames.’
‘Steve Cole is an exceptional banking solicitor and one of the very best. He has leading technical knowledge and is very personable, maintaining a cool and professional head even when under significant pressure. The team around him mirror this.’
Key clients
HSBC Bank plc
Santander UK plc
Lloyds Bank plc
National Westminster Bank plc
CT Automotive Group Limited
Just Develop It Limited
The MCG Group Holdings Limited
Doorway Capital Limited
West 28th Street Limited
Mark Allen Holdings Limited
Work highlights
- Advising Santander UK plc in relation to a twin term loan and revolving credit facilities agreement providing total facilities of £21m.
- Advising the exiting shareholders and Inbox Insight on its management buyout and £17.7m investment by UK SME investor Mobeus.
Birketts LLP
Birketts LLP‘s team ‘works very hard‘ to advise institutional and alternative lenders, and borrowers, notably HSBC, Lloyds and councils, on the full scope of banking and finance issues. The team exhibits expertise across real estate and agricultural finance mandates, often handling trade finance and invoice discounting issues. Alex Schaafsma heads up the practice from Cambridge with her expertise in acting for borrowers and lenders in real estate financing transactions concerning both developments and investments. Based in Chelmsford, the ‘excellent‘ Devreaux Gravell is particularly adept at assisting with syndicated and bilateral transactions relating to receivables financing and general corporate lending.
Practice head(s):
Alex Schaafsma
Other key lawyers:
James Allen; Devreaux Gravell; Lottie Fletcher
Testimonials
‘Practical and get the job done. Very commercial.’
‘They are keen to complete the job and work very hard to get the best solution.’
‘Devreaux Gravell is excellent on the banking side.’
Key clients
HSBC Bank plc
Lloyds Bank plc
OakNorth Bank plc
Santander plc
Triple Point Capital
National Westminster Bank plc / RBS
Time Holdco Limited
Time Group Holdings Limited
One Savings Bank trading as Kent Reliance
Alpha Bank London Limited
Secure Trust Bank plc
Oxbury Bank plc
Lendinvest
Muntons plc
Green Label Foods Limited
Work highlights
- Advised Muntons plc on the amendment and restatement of its £90m receivables and stock financing facilities made available by HSBC Invoice Finance (UK) Limited, which included a cross-border element.
- Advised the Arbora Group on a term loan facility of £10m from LendNet LLP to finance a property development.
Clarke Willmott LLP
The ‘knowledgeable and commercial‘ Southampton-based practice at Clarke Willmott LLP has a great deal of expertise in contentious banking and finance matters, in addition to knowledge of development finance work. Rich Eldridge and Joseph Campbell jointly co-head the practice. Eldridge has varied expertise handling bank loans for care homes, LIBOR rigging issues and intercreditor arrangements, while Campbell has longstanding experience in handling secured lending real estate matters. Peter Swinburn acts as managing director of the national real estate team, and is particularly experienced in advising on taking security over real estate.
Practice head(s):
Rich Eldridge; Joseph Campbell
Other key lawyers:
Peter Swinburn; Kristian Johnson
Testimonials
‘Knowledgeable and commercial. They provide a full service for banking transactions with a helpful planning and construction team.’
‘Joe Campbell is always a pleasure to deal with and does not quibble.’
‘Kristian Johnson is keen to keep the client informed and happy with the progress of the deal.’
Key clients
Lloyds Bank plc
Unity Trust Bank plc
Higher Drive Nursing Home (Holdings) Limited
Synertec (Holdings) Limited
Student Homes Management Limited and group of companies
Operational Real Estate Finance LLP
Work highlights
- Advised Higher Drive Nursing Home (Holdings) Limited on finance provided by Triodos Bank UK Limited. The new finance was provided for property development by a term loan facility.
- Advised Student Homes Management Limited and group of companies on property refinance provided by Santander UK Plc. The purpose of the finance was to refinance a portfolio consisting of 15 student rental multi-let premises in various locations around England.
- Advised Operational Real Estate Finance LLP on providing finance for the acquisition of a care home as well as refurbishment to enable the care home to provide more specialist care.
IBB Law
The practice at IBB Law utilises its broad expertise in real estate and corporate commercial matters to advise both lenders and borrowers on lending facilities. ‘Trusted adviser‘ Gemma Coles leads the team alongside Harriet Jones; Jones is based in Uxbridge and often acts for lenders and owner-managed businesses in lending arrangements, while Coles divides her time between the Reading and Uxbridge offices and specialises in secured lending and property financing work.
Practice head(s):
Gemma Coles; Harriet Jones
Testimonials
‘First point of contact for guidance on deal structures.’
‘Gemma Coles is readily contactable and responsive, a trusted adviser.’
Key clients
AIB Group (UK) plc
National Westminster Bank plc
Secure Trust Bank plc
Handelsbanken plc
Work highlights
- Acting on a refinance for a landowner of two retail portfolios, consisting of small to medium-sized shopping centres.
Thomson Snell & Passmore
Thomson Snell & Passmore‘s Tunbridge Wells-based practice dispenses advice on the full scope of mandates, including debt financings, subordination agreements, and debentures. Joanne Gallagher heads up the practice, often acting for owner managed businesses, bolstered by Faye Cook. Laura Keatley handles real estate financing matters.
Practice head(s):
Joanne Gallagher
Other key lawyers:
Faye Cook; Laura Keatley
Key clients
Landmark Underwriting
Cranbrook School
Propfin Limited
North Kent College
Close Brothers Limited
Paragon Development Finance Limited
Shawbrook Bank Limited
Tarn & Co Limited
Aldermore plc
Work highlights
- Advised Landmark Underwriting on an acquisition term loan facility from an alternative lender Boost and Co. to negotiate a complex loan facility agreement, which was adapted to accommodate future acquisitions for the client.
- Advised Cranbrook Academy Trust School in connection with a Funding Agreement with the UK government.
- Advised Propfin Limited on the acquisition of a large secured loan portfolio from its former lending partner D&B Lending Designated Activity Company.