Freshfields Bruckhaus Deringer has edged aside Ashurst as the main adviser to Debenhams after acting on the retailer’s £495m sale and leaseback with British Land.

Ashurst has been Debenhams’ lead counsel since the company de-merged with The Burton Group in 1998, but Freshfields gained a foot in the door after advising the CVC-led consortium on the company’s £1.74bn acquisition in 2003.