Our Capital Markets team is advising Chess Bidco Limited, an indirect wholly-owned subsidiary of FirstCash Holdings, Inc., on its recommended cash acquisition of Ramsdens Holdings plc, which values the business at approximately £206 million on a fully diluted basis.
Under the terms of the acquisition, Ramsdens shareholders will receive 600 pence per share in cash, together with permitted dividends of up to 9 pence per share.
The acquisition will be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006 and remains subject to shareholder approval and customary regulatory clearances.
Ramsdens is a growing, diversified, financial services provider and retailer, operating in the four core business segments of foreign currency exchange, precious metals buying and selling, pawnbroking loans and retailing of second hand and new jewellery. It operates 174 stores across England, Scotland and Wales, and the acquisition will further expand FirstCash's presence in the UK market.
The transaction follows Gowling WLG advising H&T Group PLC on its all-cash acquisition by FirstCash in 2025.
The Gowling WLG team was led by Partners Hugh Maule and Kris Rogers, supported by Principal Associates Chris Kay, Emily Airton, Associate Yasmine Allwood, along with Partner Guy Stevenson, Principal Associate Duncan Scott (both Financial Services Regulation) and Sam Beighton (Competition, Foreign Investment and Trade).
Hugh Maule said: "This is an important transaction and we have been very pleased to help Chess Bidco and FirstCash in reaching this stage. We have got to know the teams well, having worked for the H&T Group for some years including on its acquisition by FirstCash last year, and it's exciting to be advising on this latest milestone for the group."
Chris Gillespie, from H&T Group, said: "We are pleased to have Gowling WLG advising us on this transaction. Their support, experience and commercial approach have been invaluable throughout the process, and we are grateful for the team's guidance in helping us reach this important stage.""
Gowling WLG has extensive experience advising on UK public M&A transactions, acting for bidders, targets, sponsors and financial advisers on takeovers, IPOs and other public company matters.