Member Article

Lodders leads Sovereign to save business in 24hours

The business and staff of a leading manufacturer of lodges and leisure homes have been saved with minutes to spare, in a pre-pack deal led by commercial property partner at law firm Lodders, Alastair Frew.

Mr Frew led Lodders’ team instructed by Sovereign Park & Leisure Homes in Coventry, to ensure the purchase of Cambrian Park and Leisure Homes from administrators in under 24-hours of being appointed, and 30 minutes ahead of the 6pm deadline on Friday 17th March.

“The deal is an excellent example of how through cooperation by all parties, in particular the extremely helpful administrators, a manufacturer that needed to be saved and a buyer who wanted to preserve it, its jobs and skills, that a realistic deal can be done to achieve a common objective,” he said.

Alastair has a track record of working with businesses operating in the leisure sector and as a partner in Lodders’ real estate team, specialises in commercial property advice for commercial developers, house builders and private investors.

He was supported on the deal by the firm’s Krishna Ubhi, solicitor in Lodders’ business group, and Ravinder Heer, paralegal in its real estate practice.

Lodders team worked closely with Ben Woolrych and Lila Thomas, partners at FRP Advisory, who were appointed administrators by the owners of Cambrian Park and Leisure Homes, to facilitate the purchase of the business and assets by the owners of Sovereign Park.

Lodders also supported the buyers on the creation of a new business known as Cambrian and Sovereign Holding Group Ltd.

“Cambrian is an established designer and manufacturer of a range of lodge-style properties, which retail for up to £500,000 and has its main production site at Gelert House, Porthmadog in North Wales.

“Following the acquisition, the business will continue to operate from this location, its main manufacturing site, in turn preserving the brand and workforce,” said Alastair.

“The most realistic option for the business, and to save its workforce, was to ensure its purchase,” he added, “and everyone involved recognised this. We all knew the deal had to be completed before 6pm on Friday, and to do this, all parties cooperated to get the deal done and over the line at great speed.”

Sovereign Park & Leisure Homes is part of Sovereign, a designer and maker of exhibition stands which has been in business since 1994.

The joint administrators were advised by Phil Farrelly at the Manchester office of Bermans.

Lodders is a premier law firm in Warwickshire, Cheltenham, the North Cotswolds, and Gloucestershire.

Established for over 230 years, Lodders in particular works with private individuals, business owners, family businesses, landowners, rural communities, real estate and property owners, developers and investors. The firm has 25 partners, a portfolio of sector and market specific legal teams, over 130 fee earners and support staff across its office network, and has recorded year-on-year growth in recent years.

For more information, visit: www.lodders.co.uk

This was posted in Bdaily's Members' News section by Lodders Solicitors LLP .