Case Study - The Binding Site

Anthony Collins Solicitors' expertise secured The Binding Site's roots firmly in Birmingham through £23 million property deal

In 2010 successful medical research and manufacturing company, The Binding Site, whose life began at the Medical School of Birmingham University, was looking for headquarters for its global operations. Faced with one of the worst downturns in the property market in recent years, the challenge was to secure a prestigious property, at the right price and under the best contract terms.

Having found a suitable property, the Binding Site agreed a deal for the acquisition of a long leasehold interest held through a Special Purpose Vehicle (SPV). Local Birmingham-based law firm, Anthony Collins Solicitors were appointed as lawyers based on their local market knowledge and network of contacts, commercial expertise and competitive pricing.

The Binding Site Group Finance Director, Trevor Sykes said:

When we got into the detail of the deal with Anthony Collins Solicitors, we realised that the original deal was far from optimal. With Anthony Collins Solicitors’ help we were able to re-negotiate the terms of the lease ensuring the transaction was completed on a sound commercial footing and with effective savings of millions of pounds.

Sarah Webb, Partner and Head of the Business Law Department within Anthony Collins Solicitors said:

This wasn’t a straightforward property transaction; it was a corporate deal complicated by many issues including the setting up of an SPV to deal specifically with the complex financial transaction. The size and nature of the deal required expertise on construction contracts, warranties, agreements of the terms of the share purchase, the negotiation of the variation of the existing leasehold interests and complicated financial agreements including the discharge of the existing debt finance.

The deal, worth over £23m, was one of the largest Grade A commercial property deals in Birmingham last year, providing a significant boost to the flagging office market and local economy. Sarah adds:

We were delighted to be involved with such an institutional anchor of the city. The Binding Site will bring much needed jobs and prosperity to the local economy and will secure Birmingham’s place as one of the world’s foremost science capitals.