Legal firm Hugh James has reported its best ever year for corporate deals after acting on transactions with a value of nearly £650m in 2024. Its commercial team advised on 60 merger and acquisition transactions with their combined value more than double that in 2023.
The firm, which has its headquarters in Cardiff as well as offices in London, Manchester, Southampton and Plymouth, said that its deal pipeline for 2025 was also encouraging.
Gerallt Jones, partner and head of Hugh James’ corporate/ commercial team said: “2024 was another record-breaking year for our team. The lead up to the Budget in October was the busiest period the team has ever experienced, as a result of a huge rush for deals to complete before anticipated tax changes. More generally though, there was a constant stream throughout the year of M&A and investment deals both within and outside Wales.”
Significant deals it advised on in 2024 included:
- Acting Port of Milford Haven on its purchase of the luxury St Brides Spa Hotel.
- Advising multinational manufacturer Rockwool on the acquisition of Wetherby Building Systems.
- Acting for Cardiff Rugby on its takeover by Helford Capital.
- Advising Club 3000 Bingo (one of the Ƶ’s largest bingo operators) on the acquisition of Buzz Bingo, Washington.
- Advising Double Diamond (Rainbow Casino) on the disposal of its Aberdeen Casino.
- Acting for 888 Africa on its acquisition of BetLion, a regulated and licensed gaming operator in Kenya and Zambia.
Mr Jones said: “We are also really pleased to have supported two new entrants into the Welsh investment market, namely, advising The £50m Cardiff Capital Region fund, IIC, on its multi-million-pound investment in the online accountancy company, Mazuma, and advising venture capital firm, Waterspring Ventures, on a number of investments.”
Reflecting on another successful year and the outlook for deals, corporate, M&A and commercial partner, Aled Walters, said:“After the hive of activity in the run up to the Budget, the market flattened at the tail end of 2024 as companies and investors considered their responses to the measures introduced by the Chancellor. Looking ahead, more than in recent years, deal activity in 2025 is likely to be dependent on the broader economic and political landscape, both within the Ƶ and more generally.
“There are a number of potential headwinds including the impact of a new president in the US and the performance of the Ƶ economy, which could have a significant impact on the market. However, we remain positive for the year ahead. The outlook for 2025 is already promising with increased levels of interest already evident.”
Moreover, Hugh James, which employs more than 700, has been appointed to the Development Bank of Wales’ new property legal services panel.
Under the contract, which will run for two years with the option to extend for a further eight, its lawyers will provide support and advice in relation to property loan size applications to the development bank of over £1m.
Peter Hurn, partner and head of commercial property at Hugh James, said: ‘We’re proud to have been appointed to this panel. Hugh James has supported the Development Bank of Wales, including its predecessor body Finance Wales, for 17 years, and we really value our long-running, successful relationship.
The development bank plays a vital role in Wales, and we’re pleased to be able to support it to achieve its mission to unlock economic potential and enhance the economy through sustainable, effective finance.”
Neil Maguinness, chief risk officer at the development bank, which is wholly-owned by the Welsh Government, said: “‘We’re glad to have appointed Hugh James to our framework, continuing our nearly two decades working together. We’re pleased to be extending our links with a major Welsh firm and look forward to continuing our relationship with them during this term.”
