Sale of a Business in the Leisure Industry

Sale of a Business in the Leisure Industry

Posted by John Spratt, on September 8, 2021. Tags: , ,

We acted for this client in the sale of its family-run business and assets in the leisure industry.

This matter began as a share sale but concluded as an asset sale due to a change of buyer. There were several complicating factors including the fact that the business had been trading for several years but only incorporated in 2019. This necessitated retrospectively establishing the terms on which the business had transferred from the former partnership to the company. We worked with the buyer’s legal representatives to resolve these preparatory steps before exchanging contracts.

Given the nature of the business, it was important that we established precisely which assets belonging to the company would be valued accordingly and transferred, and which assets were property of our client’s shareholders. We involved Ben Madden of our Commercial Property team to assist with the sale of the land on which the business operated.