Andrew Cooke and the corporate & commercial team at Sherrards worked with L&R Midland (UK) Limited (“L&R”), one of the UK’s leading shipyard agencies, in the transfer of a number of key shiprepair agencies from Ship Repairers and Shipbuilders Limited (“SRS”) to L&R with effect from 1 January 2021. The agreement includes the shipyards and service companies in ASMAR (Chile), Dormac (South Africa), Dakarnave (Senegal), Gemak (Turkey), ASRY (Bahrain), and Nico International (UAE).
L&R specialises in worldwide shipyard representation and the provision of environmental solutions to the UK and Ireland shipping markets. The London-based global shipyard agency offers shipyard representation, including afloat repairs, and facilitation of integrated marine projects at yards that have excellent capability in all ship repair, upgrade and conversion activity.
Andrew Cooke, Partner at Sherrard Solicitors comments “It was gratifying to see this transaction complete relatively smoothly in quite a restricted timescale. Jon Holloway at L&R was a pleasure to deal with, and I am delighted to have acted on this strategic acquisition for our client.”
Roderick Wordie, Managing Director at SRS Ltd said of the arrangement, “I have been at the helm of SRS for over 20 years, and believe the opportunities that lie ahead for the ship repair industry need to reflect the recently changing working environment. The UK has a strong and diverse customer base of shipowners, operators and managers, and the success of this transfer will be achieved through continued close co-operation and collaboration with all involved.”
Jon Holloway, Managing Director at L&R Midland added, “This is an exciting opportunity for significant growth of L&R Midland, and to become truly global, with a portfolio of safe, high quality and reliable shiprepair yards on a world-wide basis. Andrew was instrumental in delivering a smooth and timely transfer for L&R Midland, despite the short notice given and the impact of the Christmas and New Year holidays. His knowledge and expertise in this type of transaction ensured the best result was achieved, with a number of crucial potential future legal complications identified and dealt with.”
A structured management of change has been implemented to handle the transition over the coming 18 months.