Clifford Chance (CC) and Eversheds have landed roles on an unusual deal that has seen Dairy Crest protect its pension fund with maturing cheese. The UK dairy company has granted a floating charge of £60m worth of cheddar cheese to the trustee of its pension fund, in what is thought to be the first deal of its kind involving cheese. Dairy Crest's cheese stock was valued at £150m at the end of March. CC is advising trustees of the fund with a team including finance partner Karen Hodson, pensions partner Clare Hoxey and associate Katie Hicks.
May 02, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Clifford Chance (CC) and Eversheds have landed roles on an unusual deal that has seen Dairy Crest protect its pension fund with maturing cheese.
The UK dairy company has granted a floating charge of £60m worth of cheddar cheese to the trustee of its pension fund, in what is thought to be the first deal of its kind involving cheese. Dairy Crest’s cheese stock was valued at £150m at the end of March.
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