Elaine is a restructuring and insolvency partner with an industry-leading specialism in real estate leasehold restructuring.
Elaine has significant experience in the retail and consumer sector and previously led the restructurings of Cineworld, WeWork, Homebase, Wilko, NCP, Pizza Express, International Currency Exchange, Casual Dining Group, Ann Summers, All Saints, Travelodge, Mothercare Plc, Mamas & Papas, Paperchase, and Toys ‘R’ Us.
Expertise
- Company Voluntary Arrangements (CVAs)
- Schemes of arrangement and restructuring plans
- Real estate and restructuring/insolvency
- Forfeiture issues/protecting key assets
- Business rates
- Administrations and liquidations
- Distressed M&As/’pre-packs’
- Directors’ duties
- Standstill/waiver agreements
- Lock-up agreements
- Security enforcements
- Winding-up petitions/injunctions
Experience
Restructuring & Insolvency
- Advised Alix Partners as administrators and liquidators of the Ilke Homes modular homes group.
- Advised The Colson Group, a Sentinel Capital Partners portfolio, on the acquisition of assets from its UK business, in administration.
- Advised Tele Columbus, a leading German cable network operator, in relation to its financial restructuring and schemes of arrangement.
- Advised Wilmington Trust in its capacity as agent as part of the Estro Group’s financial restructuring.
- Advised European Directories in relation to its subsequent c.€800 million financial restructuring, resulting in majority control by Triton Partners.
- Advised certain Bondholders of the Petroplus Group in relation to the Group’s US$1.75 billion senior and convertible bonds and local insolvency filings across Europe.
- Advised Regency Entertainment Leisure & Tourism S.A, a Greek casino business, in relation to its c.€600 million consensual financial restructuring with its senior and mezzanine lenders and sponsor, BC partners.
- Advised European Directories, a Netherlands-based local search and lead generation company, in relation to all aspects of its €2.1 billion financial restructuring across eight jurisdictions in Europe.
Retail and Consumer
- Advised Cineworld group, one of the leading cinema chains in the UK, on its financial and leasehold restructuring, implemented by four Part 26A restructuring plans. This included successfully defeating landlord challenges, including a late injunction application and obtaining sanction of the Plans, to override previous contractual agreements.
- Advised Homebase, the UK’s leading home improvement and garden retailer, in relation to all options available to restructure the business and directors’ duties advice.
- Advised WeWork, the global office space group, in relation to all aspects of its UK lease portfolio and options for the UK and international Group.
- Advised the Wilko Retail Group, on all aspects of its proposed lease restructuring, including a Company Voluntary Agreement.
- Advised The National Car Parks group, in relation to all aspects of its proposed restructuring of its leasehold estate including structuring and proposing a restructuring plan under Part 26A Companies Act 2006.
- Advised the Ann Summers Retail group in relation to its Company Voluntary Arrangement to address its UK leasehold obligations.
- Advised All Saints Retail, a global retail group, in relation to the successful approval of its CVAs (including the first-ever landlord CVA to be recognised in the US via Chapter 15 and in Canada via the CCAA recognition process).
- Advised Travelodge, the UK’s largest independent hotel brand, in relation to all aspects of its restructuring, including obtaining a ground-breaking injunction in the High Court to restrain winding-up petitions and in all aspects of its Company Voluntary Arrangement.
- Advised Mamas & Papas group in relation to its restructuring and pre-pack administration to the group.
- Advised Mothercare Group in relation to its restructuring and administration sale of its franchise and brand business to the Group.
- Advised the committee of Debenhams’ bondholders (now lead shareholders) in relation to its Company Voluntary Arrangement.
- Advised Paperchase, one of the UK’s leading card and stationery retailers, in relation to its Company Voluntary Arrangement and its wider financial restructuring involving the first shift to turnover rents within a CVA.
- Advised AS Adventure Group and portfolio retail company of PAI Partners, in relation to its Company Voluntary Arrangement. The UK business is one of the leading multi-brand retailers of outdoor clothing and equipment in Europe, comprising Cotswold Outdoor, Cycle Surgery, Runners Need, and Snow & Rock.
- Advised a significant bondholder group of retailer House of Fraser in relation to its Company Voluntary Arrangements.
- Advised Moorfields Advisory, as administrators of Toys ‘R’ Us.
- Advised Toys ‘R’ Us in relation to its Company Voluntary Arrangement and all aspects of its restructuring.
- Advised BCBG Max Azria, a global apparel retailer and manufacturer, in relation to its French proceedings.
- Advised Sun Capital Partners on the purchase of assets from bed retailer Dreams, via a pre-pack administration.
- Advised Sun European Partners on the restructuring of its European portfolio business in the retail sector.
- Advised investors to LA Fitness, on its Company Voluntary Arrangement.
- Advised Fitness First, a leading health club and gym operator, on its c.£600 million financial and operational restructuring including a Company Voluntary Arrangement and scheme of arrangement.
Food and Beverage
- Advised the Euro Garages Group (EG Group) in relation to its proposal to acquire the Caffé Nero group, subject to a Company Voluntary Arrangement.
- Advised Pizza Express, a significant casual dining group which operates over 400 restaurants in the UK, in relation to the successful approval of its CVA.
- Advised Prezzo, an Italian restaurant chain, in relation to its Company Voluntary Arrangement.
- Advised Agrokor, a leading Croatian food, manufacturing distribution and retail business in relation to its financial restructuring.
- Advised the Tragus Group in relation to its financial and operational restructuring, including its Company Voluntary Arrangements relating to Café Rouge Restaurants and Bella Italia Restaurants.
Travel
- Advised the Civil Aviation Authority on a number of ATOL related licencing matters including, the Thomas Cook group and the Monarch Group.
Sports
- Advised a major investor in Coventry City Football Club.
- Advised Iconic Sports on its investment in Eagle Football.
Please note: The experience list above may include examples of work completed prior to joining Keystone Law.
Recognition
PUBLICATIONS
Co-Editor of “Company Voluntary Arrangements – Law & Practice” (2022, OUP)
INDUSTRY RECOGNITION
Recognised by Chambers UK 2024 for being a “market leader in her field”
“Elaine literally wrote the book on CVAs and many forms of restructuring; she is the market leader in her field.”
Chambers UK, 2024
Recognised in The Legal 500 2023 as a Leading Individual
“Technically excellent, has deep knowledge of CVAs and is focused on delivering a high quality output that meets the client’s needs.” The Legal 500 2023
Recognised in IFLR1000 2023 in Women Leaders
Recognised in IFLR1000 2022 as Highly Regarded
Recognised by Chambers UK 2021
Recognised by The Legal 500 UK 2021
“very strong experience in designing, implementing and adapting complex Company Voluntary Arrangements (CVAs), and has utilised the tool to good effect in a spate of high-profile retail restructurings.” The Legal 500 2021
Named as “Corporate Restructuring Lawyer of the Year” at the Turnaround, Restructuring & Insolvency Awards 2020
Named in the 40 under 40 list (2016) for the world’s leading restructuring specialists aged 40 and under, by The Global Restructuring Review
Recognised by The Lawyer 2016 in the Hot 100 as one of the ‘best lawyers in business’
Career
Elaine qualified as a solicitor in 2004. Prior to joining Keystone Law in 2025, she worked at the following firms:
- Kirkland & Ellis
- Weil Gotshal & Manges