Our Work

We have over three decades of experience in advising our clients. Read about some of the work we have done for them here.

Fundraising and Restructuring

We have supported clients in raising debt and equity at crucial moments in the history of their business through primary and secondary fundraisings, and more recently rights issues and restructuring.


Euro Tunnel

Cardew Group was appointed to advise Eurotunnel Co-Chairmen Sir Alastair Morton and André Bénard through two equity issues and three re-financings to achieve the raising of £11.64 billion in debt and equity and the successful launch of the project.

Lonmin plc

Lonmin were approached with a proposal for what would effectively amount to a reverse takeover while they were preparing the ground for a $817 million rights issue to realize outstanding resources as Platinum Group Metals (PGMs) markets improved. The rights issue was one of the most successful seen in the present market environment, with full stand-by underwriting and a 96% take-up of rights, representing a huge vote of confidence in Lonmin, in its resources and in the nation of South Africa, where it predominantly operates.

Miller Group

Edinburgh-based, the largest privately owned housebuilding, property and construction group in the UK attracted new investment led by international investment group GSO Blackstone in a £160m refinancing which set the group up for future opportunities as the market recovers, following the banking collapse which affected the entire property sector.

Thorntons plc

In July 2011, Thorntons, the British chocolate manufacturer and retailer, announced its three-year turnaround strategy to rebalance the business, revitalise the brand and restore profitability. The strategy will see the Company halve its portfolio to around 200 stores in sustainable retail locations across the UK, increase its market position with supermarkets and grow sales online.

UK Coal plc

UK Coal PLC restructured to safeguard 2,500 highly skilled jobs, and create a funding plan for a £450m pension deficit. It was highly complex, involving a legacy structure dating back to the privatisation of British Coal in 1994, and including pension funds, the Pensions Regulator, banks, customers, the Coal Authority, the Department for Energy and Climate Change and shareholders.

Management of Business Risk

Our corporate communications experts advise high profile companies and individuals on managing the risks to themselves or their businesses to maintain or enhance the reputations they have built. Our experience includes:

Bernard Matthews

Britain’s leading turkey producer

Chemring Group plc

Supplier of high technology electronics and energetic products


Makers of Benson & Hedges, Silk Cut, Mayfair and Hamlet

London Luton Airport

One of the UK’s fastest growing airports

Lonmin plc

Major platinum miner in South Africa

Thorntons plc

Chocolatier for over 100 years

Mergers & Acquisitions

A top tier M&A adviser for over two decades on some of the largest and most high profile deals in corporate history.

AWG plc

£10.4 billion sale to a consortium of Australian, Canadian and British investment funds. Cardew Group defended Anglian Water Group (AWG) against a £900 million hostile approach from WestLB. We then worked with new management led by Chairman Peter Hickson and Chief Executive Jonson Cox to restructure the water group. It was later sold to Osprey Acquisitions, a consortium of international investment funds, for £10.4 billion.


British Midlands

Founder, Sir Michael Bishop initially sold a 10% stake in bmi to Lufthansa, and agreed a put and call option for the remainder of his shares, based on the same valuation. The value was never disclosed, but despite the collapse in airline values, Sir Michael effected the sale to Lufthansa at the original 1998 price.

C&C Group plc

Prior to the £180m takeover of Anheuser Busch Inbev’s Scottish and Irish assets, including Scotland’s best selling lager, Tennent’s, and Wellpark Brewery in Glasgow, C&C was limited to a cider-only portfolio. The transactions turned it from a small cidery into an international multi-brand business focused on Long Alcoholic Drinks.



The independent footwear retailer from Livingston was sold to US retailer Genesco for £125m having become one of Scotland’s success stories and a significant employer in the UK. Genesco is now a long term partner to Schuh and committed to investing in the business, the brand and its staff, who received a pay-out of £37.3m.

Scottish & Newcastle plc

Scottish Newcastle

Scottish & Newcastle plc rejected three bids in three months from the Sunrise consortium, consisting of Carlsberg & Heineken, before the Board demanded a minimum price of £8 per share which resulted in the recommended acquisition of Scottish & Newcastle by the consortium for £10bn.

Scottish Power plc

Scottish Power

We were called in by Scottish Power’s new Chief Executive, Philip Bowman, when he was appointed following a failed takeover bid for the company for £10.7 billion. Just over a year later the Board of Scottish Power recommended a £11.8 billion offer from the Spanish company Iberdrola. In the intervening year Cardew Group successfully repositioned Scottish Power’s reputation with the investment community and helped achieve a re-rating of its shares.

Somerfield plc


The £1.1bn bid for Somerfield by the Violet Acquisitions consortium ended a seven-month auction for the business in October 2005. Three years later, and following a restructuring, the 880-store supermarket chain was sold to the Co-op for £1.57bn once the Office of Fair Trading's competition concerns were satisfied. This resulted in the divestment of 133 areas across the UK and the acquisition was not referred to the Competition Commission.

United Biscuits

United Bisquits

United Biscuits was owned by four parties: Cinven, PAI, MidOcean, and Kraft, the latter owning 25% and a pre-emptive right to match the highest offer in the event of an approach. The Company was sold to Blackstone and PAI Partners for £1.6bn following Kraft’s acquisition of the company’s Spanish and Portuguese operations for £575m.

Western Power Distribution

Advised Western Power Distribution and its owner Pennsylvania Power and Light on its £4 billion acquisition of Central Networks from E.ON UK plc which was completed in 2012. Western Power Distribution has been a client of Cardew Group since 1993. It distributes electricity through about 52,000 miles of lines in South West England and South Wales, including the cities of Bristol and Cardiff. Central Networks is responsible for the operation of about 83,000 miles of lines in an area comprising central England, including the cities of Birmingham and Nottingham.


Experts in regulatory and competition issues arising from mergers and acquisitions in utilities, transport (airlines and rail operators), broadcasting, healthcare, leisure and other highly regulated industries.


Advised on the acquisition of further broadcasting rights live from racecourses.

Jockey Club Racecourses

Jockey Club

Advised Jockey Club Racecourses on its political strategy to achieve changes to the opening hours of betting shops which allowed for the economic viability of evening race meetings at its racecourses.

Millennium Dome

Millenium Experience

Cardew Group was appointed to handle the extensive publicity surrounding the winding-up of The New Millennium Experience Company Limited (NMEC) into voluntary liquidation. It was a major task. The unusual step of placing a public sector body into liquidation, and ensuring this was done with NMEC in a solvent state, was a cause of major press and political interest, and raised complex accountability issues.

Scottish Power

Scottish Power

Advised on the management of the company’s relationships with regulators, ministers, officials and politicians.

Shanghai Automotive Industries Corporation


China’s largest automotive business was seeking to acquire MG Rover. Cardew Group was asked to advise on and assist in the management of the Company’s relations with Government and politicians during this process. Following the withdrawal of SAIC due to MG Rover’s insolvency, Cardew Group advised on the subsequent negotiations of the purchase of assets.

Spread Betting Association

Successfully advised on resisting proposals from others to tax spread betting in the same manner as fixed-odds gambling