Law firm facilitates expansion of Swansea Hospitality Business
South Wales law firm Peter Lynn and Partners Solicitors have helped a Swansea-based independent hotel business acquire its second location.
Ollie Moore and Matt Thomas, owners of The Perch, a vibrant dining and live music venue on Wind Street, have completed their purchase of Bar 6 with prompt support from their legal team, working under particularly unique circumstances.
Led by Partner and Head of Commercial Property Chris Tymanowski, the law firm was able to act for both seller and buyer to provide a “one roof” approach, meaning the sale and purchase took less than two weeks.
Working within strict adherence to bar conflict rules, the law firm‘s ability to represent both parties and dramatically reduce transaction time was a huge draw, as the buying firm’s manager explained. Ollie Moore.
We needed a quick turnaround on this acquisition and thanks to the hard work of Chris and his team, they closed the deal in a very short time, which not only allowed us to follow our plans, but avoided the need for Bar 6 to close as the trade unfolded.
As with all “pub deals” that are sold while still being negotiated, various factors come into play, such as the sale of assets, employees, licenses, shares, as well as a new lease with new specifications from the owner. Such cases would typically take several weeks or even months to complete.
Chris Tymanowski, Partner and Head of Commercial Property commented,
The different parts of these transactions are not extremely complex on their own, but when combined, the moving parts and the involvement of third parties can mean that the transaction can take several months.
In this case, I was in a position where I had existing relationships with the seller, buyer, and owner, enabling quick and easy communication to meet the required lead time. The buyers were motivated and this acquisition is a great expansion of their existing business.
Thanks to the speed of the process, Bar 6, on Princess Way in the city centre, opened its doors continuously, without any closing periods ensuring continuity of customers and staff and without loss of reputation or goodwill due at closing.