Penningtons Manches Cooper advises Birmingham Bank on acquisition by global digital home ownership platform Better

Posted: 05/04/2023

The corporate team at Penningtons Manches Cooper has advised the shareholders of Birmingham Bank on its acquisition by global digital home ownership platform Better.

Birmingham Bank was originally established under a different name in 1955 to provide financial services to independent retailers. It now offers a range of deposit and lending products, underpinned with a combination of traditional relationship banking and state-of-the-art technology, focused on Birmingham and the Midlands.

Better, founded in 2016, has funded more than $100 billion and raised in excess of $1 billion in equity capital from shareholders including Softbank, Goldman Sachs, Kleiner Perkins, American Express, Ally Bank and Citigroup.

The Penningtons Manches Cooper team advising Birmingham Bank was led by corporate partner Adam McGiveron, with support from partner Emma Bryant, senior consultant Teja Picton-Howell, and associate Jennifer Ford, corporate tax partner Stephen Goldstraw, banking and finance senior associate Andy Rushfirth, employment senior associate Charissa Upton, real estate senior associate Laura Gorman and trainee solicitor Kajol Harrar.

Lee Bushell, majority shareholder of Birmingham Bank and Chairman of Bushell Investment Group said: “The work we have done with Birmingham Bank has played an important role in supporting local business and enterprise and I look forward to seeing the continued progress of Birmingham Bank as part of the Better family. I’d like to thank Adam, Emma and the wider team at Penningtons Manches Cooper for their expertise and advice on this complex cross-border transaction”.

Return to news headlines