The Joint Venture team is highly experienced in advising on joint venture schemes where individuals or existing businesses combine to share resources, spread risk and pool skills to mutual commercial benefit.
Joint ventures include informal contractual arrangements, partnerships, companies and complex syndicate agreements, and each may require a different or customised structure to meet their specific aims and objectives.
Joint ventures offer a flexible arrangement and managerial cooperation without formal merger. Participating parties do, however, require protection and a risk management strategy.
The team advises on all appropriate agreement structures (according to the type of joint venture envisaged) including partnerships, limited partnerships and investment in new private limited companies. The advice often encompasses the negotiation of all joint venture agreements, including articles of association, shareholder and management agreements, partnership and LLP agreements. It can also involve advice on the procurement process and funding arrangements.
We also have considerable experience acting on cross-border and emerging market joint venture arrangements.
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- Advising Devon County Council on a £125m procurement of a partner (Babcock) for a joint venture which has been awarded a contract to manage the County's education and inclusion support and improvement services to schools. Advice included the creation of the new joint venture entity and the transfer of all the property, assets and existing contracts to the new Joint Venture LLP known as Babcock LDP.
- Advice to a University in relation to a complex joint venture for the development and construction of cutting edge shared research and education facilities. The project involved advising on complex funding arrangements including grants from well-known research institutions and developing a bespoke Development/Partnership Agreement. We also advised on the application of a VEAT Notice and the technical procurement considerations and justifications of the tailored procurement process.
- Acting for St Modwen Developments Limited and St Modwen Properties PLC in their LABV with Devon County Council. This included advising on the procurement process, the joint venture vehicle, the property aspects of the acquisition and development of the site, and the management arrangements, including KPIs to secure the regeneration of a strategic site for employment purposes at Skypark in Devon.
- Advising the University of Exeter in their joint venture arrangements with third party service provider, INTO University Partnerships Limited. Preparation and negotiation of the joint venture agreement and transfer agreement of English language facility. Subsequently lead adviser in connection with the developer’s £34m finance arrangements for the build for the joint venture of the new student international centre and student residences.