Global law firm Reed Smith has advised OakNorth Bank Limited (OakNorth) – the bank for entrepreneurs, by entrepreneurs – on its £19 million corporate financing deal for LEON Restaurants (LEON). The restaurant group plans to use the loan to pursue its exciting growth strategy – opening another 50 sites within the next four years and employing an additional 1,000 people.

The Reed Smith team, led by finance partner Leon Stephenson and associate Maccailein Campbell, advised on all aspects of the corporate loan.

Reed Smith partner Leon Stephenson commented:

“We are pleased to close this important deal for new client OakNorth as it continues its rapid expansion. The appetite of alternative lenders remains strong despite liquidity concerns following Brexit. It is a really exciting area and one we are following closely.”

Rishi Khosla, co-founder and chief executive of OakNorth, commented:

“We found the team at Reed Smith mirrored our nimble and entrepreneurial approach, completing the deal within our tight timeframe and delivering efficient commercial advice.”

King & Wood Mallesons advised LEON and Gowling WLG advised HSBC as the account bank.