The Restructuring & Insolvency team advised new client Tecno Gi S.p.A., on the purchase of the business and assets of footwear and apparel manufacturer, Milspeed Limited, from Administrators, PWC.
The deal represents Tecno Gi's expansion to the UK and worldwide, having taken over the footwear production, manufacturing and distribution sites of Milspeed in Bourton on Water in the UK, China, India, Indonesia, Vietnam, and South Africa.
The team worked closely with Tecno Gi's Italian lawyers, and Best Friend Law Firm, Biscozzi Nobili & Partners in Milan, also contacts of Ragi Singh.
The transaction also helps secure Tecno Gi's commitment to sustainability allowing Tecno Gi to purchase patented closed loop recycling manufacturing process, capable of producing material equivalent to 3000 pairs per minute.
The team was led by Jasvir Jootla, Tom Pringle and Karolina Lewandowska, assisted by cross firm expertise from Hannah Swindle and Karin Kiho (Employment), Luke Kempton and Lucy Singer (IP), Anna Colley (Property), Michael Tushingham (Tax) and Joss Paulley (Data Protection).
Jasvir, Tom and Karolina were also able to work closely with their contacts at PWC who acted as Administrators. The transaction was worked on through December and January and completed by a new English entity set up by Tecno Gi S.p.A, Tecnospeed Limited.
Ragi Singh will look to work with Tecno Gi S.p.A in the UK going forward.