Russell-Cooke’s corporate and commercial team advised G Adventures (UK) Limited, part of the group of companies owned and controlled by G Adventures Inc. on their recent purchase of the Travelsphere and Just You brands from the All Leisure Group (in administration). The deal was brokered by administrators at Grant Thornton.
Jonathan Thornton led a team of specialists in corporate and commercial, real estate and employment in acting for the global adventure travel group G Adventures.
The Just You brand specialises in holidays for singles whilst Travelsphere focuses on escorted tours around the world.
The deal involved G Adventures taking on over 200 employees, brands and other assets.
Russell-Cooke’s involvement in this matter included liaising with counsel for the Civil Aviation Authority to ensure G Adventures met the requirements to be issued an ATOL certificate on completion of the acquisitions. This allowed holidays previously booked with Travelsphere and Just You to continue as planned.
Russell-Cooke also assisted with the provision of cross-border advice on the acquirer’s financing arrangements with National Bank of Canada.
The purchase was described by the administrators as particularly complex due to the compressed timescales, an international buyer and the requirement for approval by the Civil Aviation Authority. The bulk of the work was carried out over the Christmas period and completed on 30 December 2016.
G Adventures was set up by founder Bruce Poon Tip in 1990 and is the largest small group adventure travel company in the world. It has offered socially and environmentally sensitive travel options to the public for over 20 years.
Head of Russell-Cooke’s corporate and commercial team Jonathan Thornton said: “This transaction builds on our expertise in the travel sector and affirms our ability to complete complex cross-border transactions within challenging deadlines. We were delighted to be able to assist G Adventures in increasing their range of escorted tours and expanding their offering to customers around the World”.
He also commented “We are seeing an increase in such cross-border deals for troubled businesses here in the UK - there remains strong demand from overseas for quality brands.”
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