Memery Crystal advises Lancashire County Cricket Club on its Cricket Bond offer

The Lancashire County Cricket Club “Cricket Bond” is a five-year initial fixed-term bond offering 7% gross interest per annum for investments from £1,000.  The interest will comprise 5% payable in cash and 2% in Credit4Cricket Units. The Credit4Cricket Units can be redeemed against the Club’s international and domestic tickets and hospitality products, including food and beverage packages as well as Membership fees.

Lancashire County Cricket Club has an enviable history and heritage and celebrates its 150th anniversary in 2014.  The Club had a record year in 2013 in both revenue and profit terms and also completed a £45m redevelopment of its iconic ground at Emirates Old Trafford.  The Club aims to raise £3m from its Cricket Bond, which will help fund development of a new four-star branded hotel to replace the existing Old Trafford Lodge.

The Memery Crystal team was led by corporate partner David Walker and included corporate colleague Matthew Pawlak, tax partner Tim Crosley and tax solicitor Jessica Gibbs.

David Walker commented: “It has been exciting to be part of Lancashire County Cricket Club’s team in developing and launching their Cricket Bond.  The Club is part of a growing number of British businesses, sports clubs and organisations who are building on their heritage and proven success by using this innovative and effective fundraising product.”

Memery Crystal has advised on more retail corporate mini-bonds than any other law firm in the UK.  Led by David Walker, Memery Crystal previously advised on mini bonds for UK companies including King of Shaves, Hotel Chocolat, Ecotricity, The Jockey Club, Firerock Energy, SmartWater Technology, Golfbreaks.com, Big60Million, Wellesley Finance Plc and Caxton FX.

Memery Crystal is a recognised leader for its corporate finance work, covering M&A, private equity, debt finance and IPO/fundraising for UK and international companies.  The firm has been highly ranked for its excellence in handling M&A and IPO deals by both Chambers UK and The Legal 500, acting for public and private companies as well as for their nominated advisers and brokers.