Gleacher Shacklock revenues defy collapse of giant BAE deal

City A.M. Reporter
CORPORATE finance advice group Gleacher Shacklock is set to report strong revenues growth for 2012, it emerged yesterday.

The partnership ran into trouble late last year as the $18.4bn (£11.5bn) proposed merger of defence firms BAE System and EADS fell apart.

Revenues at the advisory group edged up £66,000 to £15m, according to accounts seen by Financial News and due to be filed this week.

However, the financial results will also show staff costs rising from £3.2m to £3.6m, dragging operating profits down from £8.3m to £7.7m.

“We continue to make progress in difficult markets, adding high quality partners and deepening our advisory capability and execution expertise,” chief operating officer Peter Warner told Financial News.

Gleacher Shacklock advised on deals in 2012 including the restructuring of €2.8bn (£2.4bn) of SEAT PG’s debt and another restructuring deal for Eircom’s €4bn debts.

It worked on merger and acquisition deals including GKN’s purchase of Volvo Aero and Cobham’s recommended offer for Thrane and Thrane A/S, as well as Anglia Water Group’s sale of Morrison Facilities Services to Mears Group.