Global law firm Reed Smith has advised OakNorth Bank Limited (OakNorth) – the bank for entrepreneurs, by entrepreneurs – on its £19 million corporate financing deal for LEON Restaurants (LEON). The restaurant group plans to use the loan to pursue its exciting growth strategy – opening another 50 sites within the next four years and employing an additional 1,000 people.
The Reed Smith team, led by finance partner Leon Stephenson and associate Maccailein Campbell, advised on all aspects of the corporate loan.
Reed Smith partner Leon Stephenson commented:
“We are pleased to close this important deal for new client OakNorth as it continues its rapid expansion. The appetite of alternative lenders remains strong despite liquidity concerns following Brexit. It is a really exciting area and one we are following closely.”
Rishi Khosla, co-founder and chief executive of OakNorth, commented:
“We found the team at Reed Smith mirrored our nimble and entrepreneurial approach, completing the deal within our tight timeframe and delivering efficient commercial advice.”
King & Wood Mallesons advised LEON and Gowling WLG advised HSBC as the account bank.
Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,700 lawyers in 26 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (senior corporate communications executive EME) on +44 (0)20 3116 3787.
About OakNorth Bank Limited
OakNorth, the bank for entrepreneurs, by entrepreneurs, is a specialist bank that provides loans to entrepreneurs and fast-growth businesses. Unlike traditional lenders, OakNorth offers loans secured against a range of assets (stock, debtor books, plants and machinery, and intellectual property), rather than just property. It also gives borrowers the chance to meet its Credit Committee (i.e., the decision makers) and pitch to them directly. Its entrepreneurial and transparent approach means that the majority of its deals – from first meeting to disbursement of capital – are completed in weeks rather than months.
The bank was founded in 2015 by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth by the challenges they faced when securing finance from high street banks for their previous business.
Visit www.oaknorth.com for more information.