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Deals |
34 |
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DEAL ANNOUNCEMENT |
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Dow Schofield Watts LLP has advised on the management buy-out of South Lakeland Caravans Limited funded by Legal & General Ventures ("LGV") and Anglo Irish Bank Corporation. |
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No. |
DATE COMPLETED | PRICE PAID | HOW SATISFIED |
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34 |
20 June 2006 |
Not disclosed |
n/d |
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DESCRIPTION OF THE BUSINESS AND THE DEAL |
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Dow Schofield Watts LLP advised the management team of South Lakeland Caravans Limited ("South Lakeland") on their management buy-out funded by LGV. South Lakeland owns nine lodge and caravan parks in and around the Lake District and Morecambe Bay regions. Two of its Lake District parks, White Cross Bay and Fallbarrow are situated on the shore of Lake Windermere, whilst a third, Limefitt is situated in the Troutbeck Valley. South Lakeland operates predominantly on the owner-occupier model, generating most of its revenue from the sale of caravans and lodges. It is a leading provider of timber-lodge units in the country, which represents a fast growing market. The company also maintains a hire fleet and a small number of touring pitches for caravans and tents. Newco has acquired South Lakeland from John Morphet, who has built the business since its establishment in 1988. LGV will be backing the existing management team, led by Chief Executive, Graham Hodgson. The team will be supported by the introduction of a new Finance Director, Nigel Wimpenny, formerly Finance Director of Burtonwood Brewery plc. |
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ADVISORS |
ROLE |
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| Dow Schofield Watts LLP | Management – Financial Advisor | ||
| Halliwells | Management - Legal Advisor | ||
| KPMG | Vendor – Financial Advisor | ||
| DLA Piper Rudnick Gray Cary | Vendor - Legal Advisor | ||
