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9th July, 2020
Howes Percival has acted for Bossick Enterprises Ltd and Bossick Hotels Ltd in relation to the acquisition of The George Hotel in Easingwold, North Yorkshire, which is a 18th century coaching inn, which has 15 bedrooms, a bar and an AA rosette restaurant and courtyard.
The leading law firm acted for the buyer companies, which involved advising on property, business assets, goodwill, and employee elements of the acquisition. During the course of the transaction, the hotel was closed due to the Covid-19 pandemic, which complicated the transaction considerably.
The Howes Percival team was led by commercial property partner, Joanna Nicholls, with corporate partner Oliver Pritchard supported by Richard Turner and Lizzy Page. Caroline Illing advised on the employment law aspects of the deal.
Howes Percival has acted for Bossick Enterprises Ltd and Bossick Hotels Ltd for several years, advising the companies on sales and purchases in the leisure and tourism sector.
Commenting on the deal, Joanna Nicholls said,
“We were delighted to advise Bossick Enterprises Ltd and Bossick Hotels Ltd on the acquisition of The George. We received the instructions just as the Coronavirus lockdown came into force, and leisure and tourism businesses were forced to close overnight – which made the deal a complex piece of work.
“Lockdown presented some unique challenges. There were difficulties obtaining the due diligence documentation from the seller due to government restrictions. There were also issues to consider and advise on surrounding furloughed staff and government grants that had been obtained by the seller due to Covid-19 which would not usually be a factor on a hotel acquisition.
“The deal completed just before the partial reopening of leisure and tourism businesses. The leisure and tourism sector has been decimated by the pandemic, but our client is positive about their ability to build a successful business and to make use of travel restrictions and holidaymakers staying in the UK to holiday this summer.”
Howes Percival has a wealth of experience in the leisure and tourism industry and works with a range of clients spanning the full breadth of the sector. The firm offers a wide range of legal expertise and constantly invests in new specialisms to ensure that it can offer excellent advice to its clients across all aspects of their business.
For more information on Howes Percival’s travel and tourism services, click here.