Leading law firm, Ashfords LLP, has advised the management team of multi-hotel and leisure resort, Torquay Leisure Hotels ('TLH'), on its management buy-out. The management buy-out was backed by Connection Capital and Santander Bank.
The management team consists of Jason Garside, John Finnegan and Ian Piercy. They are three of the most senior day-to-day managers of TLH and each have an average of over 25 years’ experience of high volume hotel and leisure management and believe the transaction will successfully place TLH in a strong position to continue its plan for growth and expansion in the market.
Located on the “English Riviera” which attracts around three million visitors a year, TLH was previously family-owned prior to the MBO, having been developed from a single guesthouse purchased in 1948. Recent investment has upgraded the hotel accommodations and an annual programme of refurbishment is designed to ensure that rooms are refreshed on a regular basis.
Louise Workman, a Partner in Ashfords’ corporate team led on the deal with assistance from Emma Clayton, Rebecca Dury and Jonathan Hyde. Mark Champion, from Isca Ventures, acted as Corporate Finance Advisor on the transaction. Foot Anstey LLP advised Santander Bank, Gateley Plc advised Connection Capital and OTB Eveling advised the sellers.
Jason Garside commented, “It was truly a pleasure working with the many solicitors that were placed in front of us. Light heartedness aside, the team at Ashfords have been consummate professionals from the beginning who ensured our interests where at the heart of everything. We look forward to working with them on future occasions albeit on less complex matters."
Ashfords' Louise Workman said, “We enjoyed working with the management team to achieve the successful conclusion of this transaction which will enable them to drive the business forward and implement their exciting growth strategy".