21 August 2008
Acquisition: Laleham report
Our corporate and commercial and commercial property teams worked together, supported by employment, in acting for a subsidiary of Grundons Waste Management Limited on its purchase of the business and assets of Laleham Golf Club.
The acquisition was structured so that the freehold property of the Club and the business/other assets were acquired by different entities - Thorney Farm Developments Limited and Thorney Park Golf Limited (TPGL) respectively. The acquisition by TPGL adds to their existing portfolio of leisure facilities, including Thorney Park Golf Club.
The unincorporated status of the golf club meant the transaction was complicated and time consuming. There were many obstacles and issues including the need to determine where the authorities and powers lay for entering into the transaction and issues arising from the lack of records. It was important to take a pragmatic and commercial view of the likely risks against the benefits of the overall transaction.
Despite these difficulties, the deal was completed in August in time for our client's corporate golf day, much to the relief of the members who finally had an on-site golf pro shop after six months without!
The overall deal was a great success and both parties look forward to continuing a positive relationship.
Victoria Holland, senior associate, corporate and commercial