Gardner Leader

Newbury-based solicitors firm, Gardner Leader LLP, has recently advised Aberdeen Asset Managers Private Equity (“Aberdeen”) following their appointment to manage a new investment fund, designed by the Government to support  small and medium sized enterprises (‘SMEs’) which are fundamentally sound but facing funding difficulties as a result of the current economic situation.

Aberdeen was appointed by Capital for Enterprise Fund Managers Limited (“CfEFM”), to manage the Capital for Enterprise Fund A. This fund, along with a sister fund to be managed by Octopus Investments, was announced in January with the aim of bridging the current funding gap that many UK SMEs are experiencing as a result of the credit crisis. A total of £75m has been committed to the funds of which Aberdeen will oversee the management of £30m in Capital for Enterprise Fund A. Aberdeen will focus on applicants from the East Midlands, North West, Yorkshire and Humber, North East, Northern Ireland and Scotland.  In the recent Budget Report, HM Treasury confirmed that to date applications for £49m of investment had been received and were being assessed.

Gardner Leader LLP was appointed as legal advisor to Aberdeen at the end of February and handled the negotiation of the formal documents to incorporate the Fund, leading to a successful closure at the end of March.  The Gardner Leader team has acted for other clients in relation to the launch of similar venture capital funds in recent years, but this was the first instruction from Aberdeen.   City firm SJ Berwin acted for CfEFM.

Derek Rodgers, Corporate Partner at Gardner Leader, commented:  “Gardner Leader is delighted to have been involved in a prestigious project of this nature and congratulates Aberdeen on its appointment as fund manager for the new Capital for Enterprise Fund. We very much hope that this fund will go some way to re-invigorating the economy and help SMEs by making finance available to to fund growth and development”.   

Andrew Craig, Investment Director at Aberdeen said: “As one of the UK’s most experienced and active private equity fund managers investing in SMEs through our network of 5 regional offices, the team at Aberdeen is delighted to be appointed as one of only two managers to invest and manage this vital new fund. Gardner Leader played a pivotal role in advising us with this new fund and we look forward to working with Derek and his team again in the near future.”