Howes Percival has acted on the sale of Norfolk Broads Holdings Limited, the parent company of Norfolk Broads Direct and Broads Tours to Broads Ventures Limited.
Howes Percival advised owners Craft Leisure on all legal aspects of the deal from heads of terms through to completion of the transaction.
Wroxham-based Norfolk Broads Direct is one of the leading providers of boating holidays and visitor excursions within the Norfolk Broads, managing a fleet of over 100 boats from passenger ferries and dayboats to holiday cruisers. The business has also developed a large portfolio of waterside holiday properties and attracts over 115,000 guests annually to the Broads National Park.
Broads Ventures Limited was formed by Greg Munford and Paul Richardson both of whom have many years of experience in running local boating holiday company Richardsons Leisure.
The deal was managed by members of Howes Percival’s Leisure and Tourism sector team which is made up of lawyers from different disciplines who hold a specialism in advising clients who operate leisure businesses. The team were able to draw on the significant expertise and knowledge that the firm holds within the sector.
The team was led by Corporate Partner Richard Turner, supported by Abi Milliken and Jack Crosthwaite (Corporate), Nina Gilroy (Employment), and Joanna Nicholls and Katherine Channell (Commercial Property).
Howes Percival’s Richard Turner commented,
It was a real pleasure working with the Funnell family on the successful sale of their business. This deal is so important to the region and its visitor economy as it will help to preserve the legacy of such an historic local business. The new owners are well-established business leaders within the Broads and are committed to fulfilling the long-held purpose of the Norfolk Broads Direct business which is to provide access and enable people to fall in love with the Broads National Park. We wish them every success in the future.
Len Funnell commenting on the deal:
The sale of Norfolk Broads Direct marks a significant moment for our family and we are delighted with the outcome. It was important to us that the business could move forward with new owners who share our commitment to the Broads. Although stepping away from the helm, we are still involved and look forward to continuing to be a part of this next phase of growth with Craft Leisure’s investment in Broads Ventures and with Ruth’s role on the board. We look forward to working with Greg and Paul to take the business into its next stage.
We were very pleased to have Howes Percival advising us on the sale of our business. Richard and the team combined technical expertise with clear, practical guidance making a potentially complex process more straightforward. They worked diligently to meet a tight timescale and their support throughout was invaluable.
For more information on Howes Percival’s Leisure and Tourism team, please click here.
