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Simmons & Simmons

CITYPOINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9SS, ENGLAND
Tel:
Work +44 20 7628 2020
Fax:
Fax +44 20 7628 2070
DX:
12 LONDON CHANCERY
Email:
Web:
www.simmons-simmons.com

Nick Cronkshaw

Tel:
Work 020 7825 4289
Email:
Simmons & Simmons

Work Department

Corporate tax.

Position

Nick is head of the international corporate tax group. He has a broad experience of corporate tax with a particular emphasis on transactional work including sales and purchases of companies, mergers, demergers, reconstructions, business sales and purchases, joint ventures, and VAT. Nick also advises on structured finance products, securitisations, business process outsourcing arrangements and real estate transactions. Nick is recognised as a specialist in the mergers and acquisitions field. Recent Work includes advising Renown Inc, a Tokyo Stock Exchange listed apparel company on its complex sale of the world famous Aquascutum brand, involving the simultaneous sale of the Aquascutum Asian IP portfolio to Hong Kong conglomerate YGM and sale of the shares to the owners of Jaeger, the retention of a long-term licence in Japan (the world’s largest market for Aquascutum products) and arrangements with the UK Government regarding pension liabilities; Cheung Kong Infrastructure Holdings Limited on the £211.7m acquisition of BG Group’s 50% stake in Seabank Power Limited; and advising DekaBank Group, the largest operator of open-ended property funds in Germany, in connection with the purchase of 14 Pier Walk, Greenwich Peninsula.

Career

Trained Simmons & Simmons; qualified 1992; partner 1998; written and contributed to various tax publications, including, the ‘PLC Tax Manual’, ‘PLC Share Purchases Manual’ and the tax sections of the book by WK Knight, ‘The Acquisition of Private Companies and Business Assets’ (7th edition) published by FT Law & Tax.

Member

Technical Committee of the Chartered Institute of Taxation (Corporate International, VAT and Property Sub-Committees).


London: Corporate and commercial

Corporate tax

Within: Leading individuals

Nick Cronkshaw - Simmons & Simmons

Within: Corporate tax

The 'outstanding' team at Simmons & Simmons is both 'technically very good' and 'accessible', noted for its ability to 'work seamlessly with other departments within the firm'. 'Responsive and helpful' Darren Oswick leads the International and London Tax Groups and recently assisted the Nuclear Decommissioning Authority with amendments to and subsequent terminations of a set of procurement contracts. 'One of the smartest and most commercially astute tax lawyers in London', Nick Cronkshaw also stands out for his 'user-friendly approach'. His highlights included advising Orion Mine Finance and Fusion Capital on their joint venture and $402.5m acquisition of Lynx Resources from Solway Industries, in a transaction with a sizeable Macedonian tax component. Martin Shah advised Principal Financial Group on M&A tax and structuring, as well as warranty and indemnity (W&I) insurance tax matters in relation to the proposed acquisition of INTERNOS. Managing associate Candice Nichol is recommended for her work with financial institutions and asset management clients.

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VAT and indirect tax

Within: VAT and indirect tax

Simmons & Simmons' expertise covers the full spectrum of indirect tax matters, including VAT, SDLT, SDRT, insurance and premium tax and environmental taxes. The department is led by Darren Oswick who is noted for his expertise in asset management and investment funds related matters. Highlights for Nick Cronkshaw included advising Deka Immobilien on the VAT and SDLT aspects of its £435m acquisition from Great Portland Estates of a mixed-use development at Rathbone Square. Martin Shah continues to advise British Land on a range of tax and structuring matters pertaining to VAT and SDLT, including in relation to the disposal of seven superstores from its joint venture with Sainsbury's. 'Shrewd operator' Nick Skerrett leads on contentious matters.

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Legal Developments by:
Simmons & Simmons

  • Failure to counter financial crime: Norwich Union Life

    In December 2007, the Financial Services Authority (FSA) imposed a fine of £1.26m on Norwich Union Life (part of the Aviva Group), one of the largest life insurance businesses in the UK with around seven million customers. The fine related to failures to take reasonable care to establish and maintain effective systems and controls for countering the risks of financial crime. The fine is the latest confirmation of the emphasis being placed on protecting clients and customers from the threat of financial crime.
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