News
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Simcocks reap benefits of City move
12 months after opening their London office the Manx Advocates are finding themselves involved in an increasing amount of high profile assignments.
Whilst there has been much talk in recent times of the need for a more permanent Isle of Man presence in the City of London, Simcocks, the progressive local practice of Advocates stopped talking about it last year and decided to just get on with it. Although the general feedback locally was very supportive, it is fair to say that not everyone was convinced beforehand that it was an investment worth making. Now the office has had time to establish itself, however, Simcocks are finding that their presence is being felt amongst City firms and that they are beginning to attract work that previously would have been directed to the Channel Islands.
“We decided to focus initially on promoting the Isle of Man as a preferred jurisdiction for offshore funds given that this would complement the work of IOM Finance” commented Ita McArdle, head of Simcocks’ commercial department. “What we have been surprised by is the quality of the work generated as a result. Simcocks are advisers to the Hotel Corporation plc, the PFI Infrastructure Company and Wichford Plc all of which recently floated on the AIM market. We have another due to float on the Irish Stock Exchange in the next couple of weeks, in addition to a number of high profile private funds which are being launched. It is encouraging to see not only Simcocks itself receiving the resultant publicity but also the Isle of Man. Of necessity to succeed in London we have to promote “IOM plc” as a jurisdiction in which to do business which means focusing on name awareness. We are very pleased by the feedback to date.”
Also contributing to the practice’s workload recently has been their involvement in the acquisition of Laxdale Limited, a UK neuroscience development company by Amarin Corporation plc, a NASDAQ listed neuroscience company.
Phil Games, Chief Executive of Simcocks commented that “Following the initial success of the Simcocks London office we hope that other law firms on the Island will also follow suit in order to further develop the Isle of Man’s profile in the City.”
