Five leading London firms have combined to seal the management buy-out of iconic British toy retailer Hamleys, following its board’s 17 June acceptance of a $78m cash bid from management backed by Baugur, the Icelandic corporate raider.

Allen & Overy corporate partners Pervez Akhtar and Alan Paul advised Baugur, with Travers Smith Braithwaite corporate partner Spencer Summerfield leading the team advising Hamleys’ management.