We helped our client with an asset disposal of a hotel situated in historic windmill. The matter was complicated by a property solicitor acting for the buyer dabbling at a business sale. The agreed structure for payment of the consideration was non-standard, but as the hotel was packaged with bookings and weddings, the sale needed to move at frenetic pace – with completion happening soon after the latest lockdown ended.
We advised on (and had to significantly rewrite) the asset purchase agreement, and all ancillaries such as disclosure letters. There was also a management agreement for an adjoining property that our clients retained but would allow the hotel to use for guests, including an option of the purchaser to buy. We worked closely with our employment colleagues relating to the TUPE staff transfer and commercial property team regarding transfer of the land and option.
