Isabel has a competition and regulatory practice and advises across a range of industries, including regulated industries, on merger control, general competition law, sectoral regulatory requirements, and public procurement.  She has a particular expertise in State aid law.

Highlights include advising:

  • Bupa on the CMA’s private healthcare investigation, including the related appeals to the Competition Appeals Tribunal
  • American Express on its litigation before the European Court of Justice (on referral from the UK High Court) in relation to the interpretation and validity of aspects of the Interchange Fee Regulation and the second Payment Services Directive
  • Northern Powergrid on its successful and “first of its kind” appeal to the Competition and Markets Authority against Ofgem’s ED1 price control decision for electricity distribution
  • Chi-X on its merger with BATS, which was cleared unconditionally after a second phase review by the UK Competition Commission
  • Ocado Group on its 25 year agreement with WM Morrison Supermarket to license technology, logistics and distribution services to enable Morrison’s to launch and develop its online grocery business

In relation to State aid, her work has included advising:

  • HM Treasury on competition and state aid aspects of the banking recapitalisation scheme; the Asset Protection Scheme; its interventions in relation to Northern Rock and Bradford & Bingley; its 2013 review of the case for transferring the RBS assets to a ‘bad bank’; and the £800 million alternative State aid remedies package agreed with the European Commission in 2018 in relation to RBS.
  • The Portuguese Ministry of Finance in connection with the recapitalisations of Portuguese banks
  • BIS on the creation and funding of the Green Investment Bank, the subsequent extensions to its remit, and the 2017 sale to Macquarie Bank
  • BIS on its proposals for a British Business Bank
  • UK Asset Resolution on state aid issues associated with the wind up of Northern Rock and Bradford & Bingley including the sale of a £13bn asset portfolio to Cerberus Capital Management, and the outsourcing of its mortgage servicing business

Isabel is listed as a leading individual for competition law in the Legal 500, 2017 and in Chambers UK 2018 Who’s Who Legal: Competition 2018 identifies her as a thought leader in state aid.


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