Like many Teesside businesses, The Endeavour Partnership, adapted to lockdown by following government advice and setting up remote working back in March. Last week marked 100 days since lockdown commenced and as businesses are beginning to reopen, the largest commercial law firm in the region has continued to offer much needed legal advice to leaders within Teesside.
As the world adapted to the new ways of working there were some fears of the impact of the pandemic on the economy and concerns as to how business would cope, especially in Northern regions. So, maybe surprisingly, is the volume of deals completed by The Endeavour Partnership’s corporate commercial team within the period.
The Endeavour Partnership has the largest commercial team in the area, employing thirteen specialists, and during lockdown they have completed 21 transactions with an aggregate value approaching £75m.
These cover a wide range of transactions, both in Teesside and outside of the region, including an £11m refinance of a major, locally based client, a £28m group reorganisation, a share sale for three owner managers in another part of the country and several private equity investments to create expansion funding for new and existing clients.
Despite the circumstances, businesses within the region have been driving their plans and the corporate commercial team at The Endeavour Partnership were involved in advising on the injection of £23.6m of infrastructure funding to help kick-start development on 270 acres of land at Teesside International Airport. The proposed works will unlock up to £200m in private sector investment over the next ten years and see 3.4million square feet of logistic, manufacturing and commercial space built at the airport through a joint venture partnership with a private sector developer. This development is expected to boost the local economy, creating an anticipated 4,400 jobs.
Nik Tunley, partner and head of corporate commercial at The Endeavour Partnership said: “The circumstances have been challenging, and we are particularly pleased with the deal-flow we have seen, and I’m proud of the team in terms of what they have achieved. Like our clients, our team has adapted well to the current situation; when faced with adversity Teessiders assess and adapt.”
Reflecting on the period, Tees Valley Mayor, Ben Houchen, added: “Although we recognise the recent period has been challenging for organisations within the region, it is refreshing to know there is support out there and our business leaders are committed to driving forward with their plans. We would encourage companies across our region to access professional advice and services during this period.
“That’s why I launched my Back to Business Fund to provide SMEs with access to professional support and advice. Supporting our amazing small and medium sized businesses is a key part of my plan for recovery and jobs – creating high skilled, good quality local jobs for local people in Teesside, Darlington and Hartlepool. The last few months have been an unprecedented challenge for our small and medium sized businesses, but by working together our comeback will be greater than the setback.”