Bidding for the work will bring some of the City's big names up against each other: UBS's Simon Lyons and David Soanes, both of whom are advising Co-op Bank on its £1.5bn ($2.3bn) rescue plan, Credit Suisse's Ewen Stevenson and Sebastian Grigg, a contemporary at Oxford University of Osborne and British Prime Minister David Cameron, Barclays'sJim Renwick - who advised RBS on its bailout, and Rupert Hume-Kendall, one of the most prolific dealmakers at Bank of America Merrill Lynch, who last year advised on a Reckitt Benckiser share sale.
"We are delighted to be working with Solid Solutions, which has developed an excellent reputation through its proven track record over the last twenty years," said Jim Renwick, Head UK Equity Capital Markets & Corporate Broking at Barclays Capital.
"Although equity underwriting currently looks difficult, hedge fund participation in this market has increased as their asset base has grown," says Jim Renwick, vice-chairman at UBS.
"This has been the case for more than five years now."
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