As Cornwalls Lane partners with Burlingtons Group in Gibraltar and beyond, Peter Young introduces the family office services providers
Burlingtons Group recently closed an investment round into Cornwalls Lane Services (CLS), Gibraltar, a trust and company service provider based in Gibraltar, and spearheaded by chartered accountant Edward Le Feuvre and Peter Young, solicitor; England, Wales and Gibraltar.
CLS evolved from a bespoke offering of multi-family office services provided to the clients of a London and Swiss asset manager, which had been providing since 2016. The original premise for the business was twofold:
- to provide consistent high-quality advice from Gibraltar, and to provide credible mind and management on a range of transaction-related issues within the spheres of private equity, venture capital, and in the selection of investment products; and
- to offer both back office and client facing capabilities for smaller asset managers in a benign environment with all the benefits Gibraltar has to offer, supported by Gibraltar’s excellent network of finance professionals.
The client base grew steadily from inception, organically, and in 2020 the decision was made to obtain a trust and company management license in order to offer services to a broader client base. Despite the challenges Covid-19 presented, with all staff working remotely for large part of 2020, CLS received its licenses in June 2020 – following which it was able to take on a broader range of matters.
Demand for our services has been growing consistently – as of June 2022 we have assets under administration of around Demand for our services has been growing consistently – as of June 2022 we have assets under administration of around $200m (USD) and over 80 entities for whom we provide secretarial, administration and accounting services. CLS’s services are bespoke: we do not take on cookie cutter company secretarial work, and we provide accounting and transactional banking support to the majority of our clients.
Where appropriate, we continue to provide mind and management to those companies that make passive investments in other countries and need to demonstrate tax compliance. Legal support is offered ancillary to trust and company management matters and accountants reporting is also a backbone of the business.
By way of examples, CLS have recently been involved in:
- multiple investments in excess of £30m into the Wave Group – an inland surfing lake venture based in Bristol with ambitions to be a multi-site venture across the UK and further afield;
- multiple investments via a fund managed from Gibraltar in the US real estate market in excess of $20m, combining complex tax structuring with regulatory and contractual compliance within the parameters of the investment mandate;
- investments into a UK based white label crypto currency exchange.
It was this combination of legal, accounting and personal attention that worked neatly within the ethos of the Burlingtons Group, and made the investment by Burlingtons a natural fit. Many of our clients have similar backgrounds, interests and needs, and given both principals of CLS are qualified to practice in both Gibraltar and England and Wales, and have extensive experience of both the accounting and tax rules in the UK, they are able to advise third parties both directly from Gibraltar or where appropriate through Burlingtons Group entities.
Gibraltar, as a jurisdiction, adds significant capability to the Burlingtons offering. Gibraltar law is very similar in many respects to English law: common law applies and the ultimate appellate court is the Privy Council – and a significant body of law in both Gibraltar and UK derived from EU law.
Gibraltar is also the only jurisdiction in the world to have a financial services passport into the UK, making it the ideal place to set up for UK-focused businesses in the insurance, banking and funds industries to consider setting up. There is a high standard of regulation to UK equivalent, and English is the first language – although there is significant fluency in Spanish and bilingualism.
The combination of deep experience across the Burlingtons Group in private client, corporate and general commercial matters, a stable attractive jurisdiction from which to offer tax efficiency and familiar legal structures, make it an ideal additional jurisdiction for Burlingtons to have in its offering.
This article is provided by Burlingtons for general information only. It is not intended to be and cannot be relied upon as legal advice or otherwise. If you would like to discuss any of the matters covered in this article, please contact Peter Young or write to us using the contact form below.