A Cumbrian legal firm has been instrumental in a major takeover deal.

The corporate team at Burnetts, which has offices in Carlisle, Penrith and Cockermouth, advised a long-standing client on a reverse takeover, which was listed on the London Stock Exchange this morning.

Lancaster-based marine technology company OTAQ Group has been taken over by Hertsford Capital plc.

A specialist team from Burnetts, including corporate solicitors Michael Walby, Vaughan Jones and Becky Brook, property solicitor Rebecca Davidson and employment solicitor Anna Lovett advised OTAQ Group on the reverse takeover, alongside its other advisers.

Burnetts advised on the original acquisition of OTAQ Group Ltd in 2015, and have since advised OTAQ on several issues, including fundraisings and several acquisitions, including Ulverston-based company Link Subsea.

Mr Walby, a corporate partner at Burnetts, said: “It is nice to see some positive news for one of our clients during the current period of uncertainty, which is affecting many of the businesses we work with.

"Burnetts remains fully operational via remote working, and our specialist teams are advising and supporting many businesses during this crisis, alongside others in our professional community."

Phil Newby, chief executive of OTAQ, said: “We are excited by the opportunity we now have to develop our operations and products, building on the rapid progress we have made in recent years.

"This listing and additional capital will allow us take advantage of the many growth opportunities we have, and accelerate the development of new products. OTAQ now has the potential to become a global player in the aquaculture marketplace.

“Burnetts advised us on the original acquisition of OTAQ, and we have relied on their expert guidance corporate, property and employment matters ever since.

"Burnetts have always been very supportive of us, so we are very pleased they were able to play a role in the reverse takeover, alongside our other advisers. We look forward to continuing to work with them in the future.”

Hertsford proposes to change its name to OTAQ plc, with Alex Hambro assuming the role of non-executive chairman, and Sarah Gills continuing as a non-executive director.

Mr Walby added: “We are delighted for Phil Newby and the team, and we wish OTAQ PLC every success with its exciting growth plans as a listed company on the London Stock Exchange."