Hogan Lovells, Shoosmiths advise on £7M sale of art shipper

In Short:

UK-listed FIH Group is selling Momart, its specialist arts logistics business (the people who pack and ship priceless paintings and sculptures), to a French investment company for £7.6 million in cash. It's a small but neat deal that lets FIH refocus on its remaining operations in the Falkland Islands.

What's going on

• FIH Group has exchanged "conditional contracts" to sell Momart International and its subsidiaries for £7.6 million in cash.
• "Exchanged conditional contracts" means both sides have signed up to the deal, but completion is subject to certain conditions being met first, here, shareholder approval.
• The buyer is Compagnie Générale du Roumois, a subsidiary ultimately owned by Paris-based investor Horus Finance.
• Momart is a niche business: it specialises in transporting, storing and handling fine art for galleries, museums and collectors, a world away from FIH's other division.
• The sale is expected to complete on 30 September, but first needs a green light from FIH's shareholders at a general meeting.
• FIH is listed on AIM, London's "junior" market for smaller and growing companies (lighter-touch rules than the main market).
• After the sale, FIH plans to hand some of the proceeds back to shareholders and keep the rest in the business, leaving it focused on its remaining arm, the Falkland Islands Company (construction, property and retail).
• The buyer is a natural fit: Horus already invests in art logistics and storage, so it brings relevant industry experience.

Key Points to discuss in applications & interviews:

1. Selling a non-core business to refocus. This deal is a tidy example of a company pruning its portfolio. FIH owns two very different businesses, an art shipper and a Falklands-based construction and retail group, and it's offloading the one that doesn't fit its core focus. Selling "non-core" assets lets a company simplify, raise cash, and concentrate management attention on what it does best. The fact that the buyer specialises in art logistics reinforces the logic: Momart is worth more to an owner who understands the sector. Being able to spot why a company sells a perfectly good business (because it's non-core, not because it's failing) shows a mature grasp of corporate strategy.

2. Conditional contracts and shareholder approval. Notice that this isn't a done deal, it's conditional, hinging on a shareholder vote. This is a good illustration of the gap between "exchange" and "completion." At exchange, the parties are legally committed to the deal, but completion only happens once the conditions are satisfied. For a listed company, shareholder approval is a common and important condition, because it protects investors' right to have a say on significant transactions. Understanding this two-stage structure, and why deals are often signed before they can actually close, is fundamental to how transactional work operates in practice.

3. Big lessons from a small deal. Don't be fooled by the modest £7.6 million price tag; the legal mechanics here mirror those of far larger transactions. There's a cross-border element (a UK seller and a French buyer), a listed company with AIM disclosure obligations, conditions to satisfy, and a plan to return proceeds to shareholders. It's a reminder that the size of a deal doesn't necessarily reflect its legal complexity, and that trainees often cut their teeth on smaller transactions like this one, which pack in many of the same building blocks as headline-grabbing megadeals. A great point for showing you understand what junior lawyers actually work on.

Who is advising on this?

• Shoosmiths is advising FIH Group, the seller.
• Hogan Lovells and Cadwalader are advising Horus Finance, with a team including Alexander Premont, Florian Agnel, Lucas Glicenstein and Nathan Seedall.