PKF Francis Clark and OTB Eveling LLP have acted as lead advisors for the shareholders on the sale to the management team of Torquay Leisure Hotels Limited.
TLH Leisure Hotels was founded in 1947 when the Murrell family first started the business, acquiring the Derwent Hotel in Torquay. In 2000 the company adopted the name TLH Leisure Resorts to sum up the experience of holidaying in a resort complex combining an outstanding choice of accommodation, leisure and entertainment on a single site. The portfolio includes the Derwent, Victoria, Toorak and Carlton hotels which incorporates the Aztec Spa.
The deal sees members of the current management team of Iain Piercy, Jason Garside and John Finnegan acquiring a majority stake funded by Santander and Connection Capital. Retiring owner, Laurence Murrell will retain equity in the business going forward but will be stepping back from day to day running of the business.
The PKF Francis Clark Corporate Finance team of Andy Killick and Matthew Willmott advised Laurence and the Murrell family on the sale including negotiation support, tax structuring and advice throughout on the deal. James Eveling, Keith Biggs and Rebecca Roberts at OTB Eveling provided legal advice.
Managing Director Laurence Murrell said: “I am hugely proud of what has been achieved by TLH resorts in the last 71 years, growing to an award winning resort business with a nationally recognised brand name synonymous with great value holidays.
“Great people have always been key to TLH’s success and I am confident that the new management team will continue to expand and grow on that success for many future generations of customers to enjoy.”
Andy Killick, PKF Francis Clark Corporate Finance Partner said: “We were delighted to act for Laurence and his family and seeing the MBO complete having worked closely with the business for a number of years. It is especially pleasing that the deal outcome will see ownership being retained locally and that continuity will ensure that the business continues to go from strength to strength.”
James Eveling Partner at OTB Eveling said: “We are pleased to have been able to work with the Murrell family and the wider seller team on this deal under quite a tight timetable. We are always proud to work on deals like this when the end result is to bring forward the next stage of the Company’s growth”