Biography
Alongside his transactional practice, Stuart provides consultancy advice to clients on standalone tax matters.
Stuart takes an active role in pro bono matters advising charities, social enterprise, community interest companies and not-for-profit organisations on a variety of UK and international tax matters as well as participating in other community and ESG initiatives.
Stuart is also a Chartered Tax Adviser and is a Recommended Practitioner for Corporate Tax and Tax Litigation and Investigations in Legal 500 UK, with clients saying “Stuart Pibworth [is] a very bright person with good judgment and a commercial manner” and that he is “great to work with”.
Stuart has written numerous articles for leading publications including British Tax Review, Tolley’s Tax Digest, Tax Journal, Taxation, Tax Adviser, International Tax Review, LexisNexis and PLC.
Recent representative experience includes advising:
Restructurings and insolvencies
- Carestream Dental Technology Parent Limited (a portfolio company of Clayton, Dubilier & Rice) in its $185 million offering of senior unsecured payment-in-kind (PIK) convertible notes due 2031 in connection with restructuring its debt
- Teneo as administrators of VTB Capital PLC
- The ad hoc group of supporting creditors in relation to the global restructuring of McDermott International
- Advised a steering committee of convertible noteholders of Cazoo Group Ltd, an independent online car retailer in the United Kingdom, in connection with a series of restructuring transactions, including an exchange offer of $630 million of the Company’s 2.00% Convertible Senior Notes due 2027 for $200 million of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 and Class A ordinary shares of the Company which represent 92% of the outstanding Class A ordinary shares of the Company
- Schoeller Packaging B.V., a Brookfield portfolio company, in connection with its recapitalisation and refinancing
- OMERS in relation to the fully consensual restructuring of Vue Cinemas and in relation to Lifeways, a residential care homes business restructured pursuant to an English restructuring plan
- The Official Committee of Unsecured Creditors in connection with the chapter 11 cases of Cineworld Group PLC with approximately $5.35 billion in total funded debt obligations
- An ad hoc group of noteholders of Ideal Standard’s €325 million 6.375% senior secured notes due 2026 on its exchange offer, consent solicitation and scheme solicitation
- Scandinavian Airlines, an airline holding company based in Sweden, in connection with its restructuring efforts
- Prepetition secured lenders in chapter 11 cases of Clovis Oncology, Inc. and its affiliates, a biopharmaceutical company
- An ad hoc group of noteholders in relation to the consensual recapitalization and financial restructuring of Frigoglass S.A.I.C. and the group of companies formerly controlled by it (the Frigoglass Group)
- An ad hoc group of secured lenders to the world’s largest regional aircraft lessor, Nordic Aviation Capital, in relation to its ongoing restructuring
- An ad hoc group of bondholders of Spanish based construction and civil engineering company, Obrascón Huarte Lain, in relation to the group’s debt for equity swap, implemented through a scheme of arrangement in the UK
- An ad hoc group of bondholders of UK based speciality metals producer, Ferroglobe, in relation to the group’s financial restructuring
- An ad hoc group of senior creditors of UK based drilling and engineering contractor, KCA Deutag, in relation to the group’s debt for equity swap, implemented through a scheme of arrangement in the UK
- Key noteholders on the restructuring of Abengoa’s cross-border facilities
- Ambac UK in relation to the restructuring of Ballantyne Re plc
- Europe’s largest cinema operator, Odeon (part of the AMC Entertainment Group), in relation to the group’s financial difficulties and the refinancing of its European business
- Floatel International Ltd. and its subsidiaries on its comprehensive, fully consensual balance sheet restructuring
- syncreon Group Holdings B.V., and its affiliates, in its cross-border balance sheet restructuring involving approximately $1.1 billion of funded debt, including English schemes of arrangement and associated chapter 15 and CCAA recognition proceedings
- Doncasters, a global alloys manufacturer for the aerospace industry, on its restructuring
- Follie Folli, the Greek-based jewellery designer, manufacturer and distributor, in relation to its restructuring
- Westinghouse Electric Company on the global and European aspects of its chapter 11
- Edcon Group in relation to its restructuring
Corporate and private equity transactions, reorganisations and joint ventures
- Logistics Group Limited and Logistics Group Management Limited (portfolio companies of Ellerman Investments Limited) in its sale of Yodel Delivery Network Limited to YDLGP Limited
- Advent International on the carve-out sale of Tag (part of the Williams Lea Tag group) to Dentsu
- Advent international on numerous transactions, including recently on:
- the acquisition by its affiliate AI Beauty Holdings of bareMinerals, BUXOM and Laura Mercier (collectively, n/k/a Orveon)
- portfolio company Laird on the carve-out and sale of its
- Connectivity division;
- Performance Materials division to DuPont for $2.3 billion; and
- Thermal Systems divisions to Bregal
- portfolio company Cobham on the carve-out and sale of its:
- Mission Systems division to Eaton Corporation plc for $2.83 billion;
- Aerospace Connectivity division to TransDigm Group Inc. for $965 million;
- Aviation Services UK division to Draken International (a portfolio company of Blackstone);
- Slip Rings division to Naxicap; and
- Microwave division to FCDE
- Bain Capital on numerous transactions including recently on:
- its demutualisation and acquisition of insurer Liverpool Victoria Financial Services Limited, doing business as LV=
- the £1.2 billion take private of the esure Group
- Advent International and Bain Capital, as shareholders in both Nexi and Nets, on the merger of Nexi and Nets, and previously on the merger of the Concardis Group and Nets group
- CVC Capital Partners on the $750 million acquisition of all of Fairfax Financial Holdings Limited (Fairfax) interests in run-off insurance services provider RiverStone Europe
- Her Majesty’s Government as part of a 50/50 consortium with Bharti Global in the consortium's acquisition, in a chapter 11 court-supervised sale process, of OneWeb Global
- Algonquin on its PIPE investment in Atlantica Infrastructure
- Foley Trasimene Acquisition Corporation II on its $9 billion merger with Paysafe Group
- Willis Towers Watson PLC in its proposed $80 billion combination with Aon PLC
- VINCI Airports on its £2.9 billion acquisition of a 50.01% majority stake in Gatwick Airport from Global Infrastructure Partners
- The seller of the iconic Ritz hotel in London
- Public Sector Pension Investment Board, along with BC Partners, in the acquisition of Keter Plastic
Finance arrangements
- PSP in connection with the refinancing of the Keter Group
- Kiwi.com, a leading travel technology company and portfolio company of General Atlantic headquartered in the Czech Republic, on a €100 million private placement of convertible bonds
- Ares and Goldman Sachs on their participation in CD&R’s takeover of Wm Morrison Supermarkets Plc, which valued the British supermarket at £10.2 billion including debt
Other
- Sun Life Financial Inc. in relation to the merger of Sun Life-owned Bentall Kennedy and Tetragon's GreenOak to create a $47 billion global real estate platform
- The Government Investment Corporation of Singapore fund, in relation to various matters, including involvement in extensive negotiations with HMRC to access sovereign immunity from UK taxation for the fund in respect of real estate investments made in the UK
- A leading global investment manager on the establishment of a discretionary UK real estate fund investing in industrial properties – at the time, the first of its kind since the introduction of major UK land tax reform in April 2019
- Micro Rainbow in relation to various matters relating to the provision of safe housing for LGBTQI asylum seekers and refugees in the UK, including negotiations with HMRC to access social investment tax relief
Firm News & Announcements, Speaking Engagements, Guides and Resources, Latest Thinking, Awards and Recognition
Firm News & Announcements
- Weil Advised Bain Capital in Relation to the Fully Consensual and Comprehensive Recapitalization Transaction Undertaken by the Consolis Group Deal Brief — November 29, 2024
- Weil Represents Ad Hoc Group of Supporting Creditors in McDermott Group Part 26A Restructuring Plan Sanctioned by High Court Today Deal Brief — February 27, 2024
Latest Thinking
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The enterprise investment scheme: current state of play
Blog Post — Tax Blog
— By
Oliver Walker and
Stuart Pibworth
— November 28, 2024
This article first appeared in the December 2024 issue of PLC Magazine https://uk.practicallaw.thomsonreuters.com/Browse/Home/Resources/PLCMagazine Investment in business has seldom been more topical. The new government has made clear its intention to restore economic growth, signalled by its inaugural International Investment Summit that took place in October 2024. The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment
The post The enterprise investment scheme: current state of play appeared first on Weil Tax BLOG.
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Trading Places: Is your trading company “open for business”?
Blog Post — Tax Blog
— By
Oliver Walker and
Stuart Pibworth
— October 14, 2024
The Enterprise Investment Scheme (“EIS”) is designed to encourage investment in certain early stage UK businesses by offering individual investors both income tax and capital gains tax reliefs. Another, similar scheme – the Seed Enterprise Investment Scheme (“SEIS”) – is targeted at encouraging investment in start-up businesses. Given the potential to attract greater investment as a
The post Trading Places: Is your trading company “open for business”? appeared first on Weil Tax BLOG.
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UK tax on granting options: when is an option not an option?
Blog Post — Tax Blog
— By
Stuart Pibworth and
Jenny Doak
— May 16, 2024
It can often come as a surprise that granting an option can trigger a UK tax charge for a UK grantor. “But how?”, is often the question. A quirky provision of the UK tax code (section 144, Taxation of Chargeable Gains Act 1992 (“section 144”)) results in a grantor being treated as having disposed of
The post UK tax on granting options: when is an option not an option? appeared first on Weil Tax BLOG.
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Debt restructurings: Lux, Dutch and UK tax perspectives
Blog Post — Tax Blog
— By
Stuart Pibworth and
Jenny Doak
— May 15, 2024
Given the current macroeconomic environment, companies may struggle servicing debt or refinancing debt upon maturity, necessitating a restructuring of the debt and/or group as well as potential enforcement by creditors. It is important that the tax impact of debt restructurings is not overlooked otherwise there could be adverse tax implications, including tax leakage, the loss
The post Debt restructurings: Lux, Dutch and UK tax perspectives appeared first on Weil Tax BLOG.
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The UK Corporate Interest Restriction and the Debt Restructuring Exemption
Blog Post — Tax Blog
— By
Jenny Doak and
Stuart Pibworth
— March 04, 2024
HMRC has recently updated its published guidance on the scope of the debt restructuring exemption (the “Exemption”) contained in the UK corporate interest restriction (“CIR”) regime. The update clarifies that, in certain situations, where a pre-existing loan is replaced by a new loan as part of a restructuring that new loan may be treated as
The post The UK Corporate Interest Restriction and the Debt Restructuring Exemption appeared first on Weil Tax BLOG.
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