LAW firm Harper Macleod has made legal history advising on the Scottish aspects of the £107 million sale of technical textiles business Low & Bonar plc to German firm Freudenberg SE.
The deal made legal history as, due to the Scottish courts being shut, it was the first Scottish Scheme of Arrangement to be sanctioned by way of a conference call.
Harper Macleod’s corporate and court teams were led by partners Stephen Chan and John McHugh.
Stephen Chan said: “I am extremely pleased that we have managed to help Low & Bonar with this sale. This was a complex transaction made more challenging by the COVID-19 pandemic and it was certainly a unique experience in trying to come up with solutions to overcome issues that would ordinarily not be a problem. I am also particularly grateful to the courts and Companies House for their help in adapting to the circumstances.”
Low & Bonar is a Scottish founded and listed company with a manufacturing base in Dundee among its global operations.
Matthew Jones, Low & Bonar company secretary, said: “I am grateful to Harper Macleod for the work they undertook in guiding Low & Bonar through the complexities of Scottish law during this lengthy transaction, made more complex by the difficulties resulting from Covid-19 and people working from home.”