Weightmans has provided guidance on the management buyout (MBO) of New World Hotels Limited, a coach holiday wholesaler, for an undisclosed amount.
Acting on behalf of the buyer, Shaun Read, Weightmans, led by partner, Marc Allison, and lawyer, Ben Stephens, facilitated the purchase, with support from fellow partner, Haydn Rogan, who provided ad hoc tax advice.
The opportunity to undertake an MBO came about after New World Hotels Limited founder, Ashley Booth decided to retire after 35 years at the helm. The MBO is the first step in ambitious plans for Mr Read, the company’s former business manager, who is looking to expand the firm’s product and service offering into new markets, as well as grow the team.
Based in Darlington, Co Durham, New World Hotels Limited offers high quality holidays and innovative packages to coach operators across the UK.
Marc Allison, partner at Weightmans, said:
“It has been a huge honour to advise Shaun on this MBO which lays the groundwork for many years of growth and expansion for this long-established company. We will watch with interest on where Shaun takes the firm to next.”
Shaun Read, newly appointed managing director at New World Hotels Limited, said:
“This MBO is the start of an exciting new era for the company, and we have ambitious growth plans for the coming years. Thank you to Marc, Ben and the Weightmans’ team, whose expertise and commitment guided us through the entire process from start to completion.”
Clive Owen LLP provided financial advice for the deal.
For support with management buyouts, contact our M&A lawyers.
