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Black&Callow critical in £22.5bn recapitalisation of Lloyds Banking Group plc


Services – Typesetting, Production, Mailing & Distribution


Lloyds Banking Group plc was created in January 2009 following the acquisition of HBOS plc by Lloyds TSB Group plc and is now one of the largest retail banks in the UK.

Black&Callow helped Lloyds with both its £13.5bn Rights Issue and £9bn Exchange Offer. An integral part of the project team, their role encompassed typesetting, production and mailing of multiple documents to shareholders across different sites.


  • For 2.8m shareholders, financial documents needed to be printed, personalised and mailed within 50 hours – these unprecedented volumes/timescales had never been achieved before.
  • Delivery was scheduled at very short notice with many last minute changes made to the various documents.
  • The project involved many advisors, as well as the London Stock Exchange and the UK Government. This made the timescales particularly challenging as Lloyds had to remain flexible and adapt quickly to ever changing demands.
  • The project mailing consisted of a 52 page circular and personalised letter, plus a second mailing of Provisional Allotment Letters and Instruction forms.

Black&Callow's Solution

Black&Callow’s unparalleled in-house typesetting capacity ensured that the deal documentation was underway quickly. Fast proof turnaround capabilities were critical throughout this project and the team was proactive to make sure that changes throughout the process could be instantly processed.

Black&Callow had to process large volumes of shareholder data quickly and securely. This data was received, processed and tested immediately with the 'live' run commencing only a couple of hours later.

Lloyds and its advisors were able to use Black&Callow’s in-house conference facilities in London EC2 to sign off the final stages.

How did Black&Callow add unrivalled value for the client?

  • Black&Callow’s infrastructure, resources and project management expertise were ideally placed to help Lloyds achieve its deadlines. Maintaining flexibility in schedule planning for the demanding and constantly changing timetable was essential.
  • Fast, reactive in-house proofreading and typesetting were critical to get this project completed within 50 hours.
  • High speed printing and mailing was achieved using the company’s strong partnerships with the UK’s largest print capacity, while its relationship with the Royal Mail was an essential part of the project, ensuring that national connections were met to guarantee next day delivery.

lloyds banking documentation

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