Rising Stars

Banking and finance in Wales

Capital Law Limited

Well-versed at structuring finance transactions utilising debt throughout the capital structure, Capital Law Limited provides 'commercially pragmatic and proactive' advice to borrowers and lenders on corporate, project and property financing mandates. Corporate banking head Reshma Jogia  has 'excellent client management skills', developed over many years' experience advising on new money and restructuring transactions, including in the context of social housing and commercial property finance. Senior associate Christopher Lewis also has a strong transactional practice, including handling work for the firm's growing private equity sponsor client base on the financing requirements for their investments. Recently promoted to legal director status at the firm, Huw Thomas is particularly well-versed at handling property finance mandates, while on the regulatory front, Rachel Hillier handles advisory work for traditional banks and insurers as well as fintech providers.

Practice head(s):

Reshma Jogia; Rachel Hillier; Huw Thomas

Other key lawyers:

Christopher Lewis; Angharad Jones; Danielle Bragg


‘The team is commercially pragmatic and proactive.’

Reshma Jogia is very commercially pragmatic, with excellent client management skills.’


Key clients

Julian Hodge Bank

Ascona Group Holdings Limited

Development Bank of Wales


Wales Council for Voluntary Action

WestBridge Fund Managers

Ospreys Rugby Limited, WRU Gwent Rugby Limited, Scarlets Regional Limited and Cardiff Blues Limited

Welsh Government

Work highlights

  • Advised WestBridge on their investment in and capitalisation of a newly formed company incorporated on behalf of WestBridge for the acquisition of IP specialist Techex.
  • Providing ongoing advice to Julian Hodge Bank’s commercial portfolio team and where relevant the mortgage lending team including (i) variation of loan facilities, (ii) partial and full redemption of loans, (iii) advice on regulatory aspects and (iv) preparing template loan agreements for the various products offered by Hodge.
  • Advising the Welsh Rugby Regions in respect of a pass through loan that the Welsh Rugby Union had originally agreed with NatWest Cymru.

Eversheds Sutherland (International) LLP

Drawing upon 'significant breadth of resource and capability' out of Cardiff and London, Eversheds Sutherland (International) LLP advises a lender focused client base (including clearing and challenger banks, as well as non-bank lenders) on new money and refinancing transactions, primarily centred outside of Wales. 'Commercially pragmatic' team head Joanne Canning is particularly adept at handling property finance matters.

Practice head(s):

Joanne Canning

Other key lawyers:

Sali Roberts; Emily Dagnall


They have significant breadth of resource and capability.’

Joanne Canning is commercially pragmatic.’

Work highlights

Hugh James

Hugh James provides 'responsive and knowledgeable' advice to creditors and debtors across a range of new money and refinancing transactions. On the borrower front, the firm is able to leverage well-established ties with high-profile domestic companies and public sector clients, which are appreciative of the team's 'flexible approach which includes an understanding of a political dimension'. Much of this work is handled by 'brilliant' team head Dominic Marshall , who has over his many years in practice gained an excellent perspective in relation to bilateral and syndicated financing arrangements from working capital and event-driven perspectives. Rowena Downie is also a key member of the team with a broad offering that includes a considerable volume of property-related work, including in relation to social housing borrowers, as well as development finance.

Practice head(s):

Dominic Marshall

Other key lawyers:

Rowena Downie; Jody Bingham; Kelly Davies


The team is always very quick and efficient to pick up matters for us and their response rate is exceptionally quick.’

The responsive and knowledgeable team deploys a flexible approach which includes an understanding of a political dimension.’

Dominic Marshall is brilliant, his knowledge and negotiation skills are above any other lawyer that we have used across all firms.’

Key clients

Metro Bank

Arbuthnot Latham

The Welsh Government

Development Bank for Wales


Lloyds Banking Group


Welsh Rugby Union

Hodge Bank

FEI Foods Limited

Work highlights

  • Continuing to represent Redwood Bank on a significant number of real estate finance loans, ranging from small loans secured against single commercial assets; a multimillion-pound loan secured by a mix of light industrial properties and residential properties; and loans secured against large portfolios of buy-to-let assets.

Acuity Law

Acuity Law provides ‘proactive and solutions-focused’ advice to public and private sector borrowers, as well as traditional and non-bank lenders on the financing requirements associated with corporate activity, as well as on projects in the housing, energy and healthcare sectors. Team head Beverley Jones provides ‘excellent advice and support’ to many of the firm’s corporate clients on their funding requirements to facilitate M&A transactions and for working capital purposes. In addition, Jones is one of many in the team, including Christopher Agius  and Sam Clarke that excels in property finance matters.

Practice head(s):

Beverley Jones

Other key lawyers:

Sam Clarke; Christopher Agius; James Kilgour; Tom Saunderson


Great knowledge of our business, proactive and solution-focused.’

‘The firm provides cost-effective and flexible advice.

Availability, creativity, consistency and quality work product.’

Beverley Jones has great knowledge of our business. She is always proactive, responsive and supportive. Excellent advice and support.’

Key clients

Warwick Capital Partners

Caerdav Limited

Welsh Government


Work highlights

  • Represented Warwick Capital Partners on its debt and equity investment in Eden Living, an exciting new Private Rented Sector business focusing on the acquisition and subsequent letting of newly built houses in South Wales and the Southwest of England.
  • Acted for Caerdav Limited, one of the only independent UK based airline maintenance, repair, and overhaul service providers, to secure a £4m facility from independent asset manager BOOST&Co.
  • Advised the Welsh Government on the provision of an £18m loan facility to the Welsh Rugby Union (WRU) to assist in the urgent re-financing of the Covid Large Business Interruption Scheme (CLBILS) loans that had been taken out by the four Welsh professional rugby regions, Cardiff Blues, Dragons, Scarlets and Ospreys (the Regions).

Blake Morgan LLP

Acting on its own as well as often alongside practitioners in the firm's South of England offices, Blake Morgan LLP's 'client-focused' team provides a comprehensive service to debtors and creditors seeking or providing funding on domestic and UK-wide mid-market transactions. Team head Paul Duggan is well-versed across a range of debt financing techniques which he implements to good effect on transactions in the healthcare and hospitality and leisure sectors, in particular.

Practice head(s):

Paul Duggan


The team is client-focused.’

Key clients

Propel Finance Plc




Metro Bank

Development Bank of Wales

Robert Hurd, Andrew Hurd and Lauriane Goupil

Julian Hodge Bank Limited

Nash Business Capital

Swansea Building Society

Work highlights

  • Acting for Propel Finance Plc on its first private securitisation as part of a £500m financing round.
  • Acting for LDC in a debt and equity investment into TMC Pharma Services with a value of in excess of £18m.
  • Acting for HSBC in connection with a term and revolving credit facility of £30m to the Constantine group, a leading specialist in fine art logistics.

Clarke Willmott LLP

Led by the ‘knowledgeable and personable’ Fraser MacRae Clarke Willmott LLP provides ‘responsive, customer centric and cost effective’ advice to lenders and borrowers on property-related financings. Much of this work centres around the social housing sector, with MacRae adept at advising on bilateral and syndicated funding, as well as private placements involving institutional investors. Bethan Evans is also key to the work in the social housing space, as well as providing ‘invaluable support’ to lenders and borrowers on development and project finance, as well as third sector lending and education finance.

Practice head(s):

Fraser MacRae

Other key lawyers:

Bethan Evans; Sally Grech


The team ethic provides a seamless approach when dealing with different teams on deal completion.’

Excellent knowledge, responsive, customer centric and cost effective.’

The brilliant team is reliable, knowledgeable, thorough and very efficient.’

Fraser MacRae is very knowledgeable and personable.’

Bethan Evans provides invaluable support with her in-depth knowledge of the education/banking sector and the documentation and specific requirements required to progress our deals.’

Key clients

Wyatt Homes Limited

Triodos Bank UK Limited


Secure Trust Bank

Principality Building Society

Homes England

Castle Trust

Lloyds Bank

Aberclay Property Finance


Work highlights

  • Acted for Principality Building Society on the provision of a new facility agreement to Pobl Homes and Communities Limited totalling £50m.
  • Advised Wyatt Homes Limited on a new revolving, multi-site funding totalling £45m from HSBC and Homes and Communities Agency (trading as Homes England).
  • Advised Bank of Scotland on drafting and negotiating an amendment and restatement agreement with Pierhead Housing Association Limited totalling £19m.

Morgan LaRoche

Overseen by William Barletta, Morgan LaRoche's finance offering straddles both the firm's corporate and property/projects groups, with many of these team members providing finance advice as part of their overarching transactional prowess. Social housing-related financing (including securitisation transactions) is a strength, an area that Ann Thomas is particularly adept.

Practice head(s):

William Barletta

Other key lawyers:

Christopher Evans; Kevin Thomas; David Palmer; Alun Price; Ann Thomas

Work highlights