Press releases

Mundays Advise advise Odyssey Group Holdings Limited – January 2005

 

Mundays, the Surrey solicitors, advised Odyssey Group Holdings Limited on its acquisition of Odyssey Clubs Group Limited and its subsidiaries which operate Health & Fitness Clubs at Knebworth, Stevenage and Glory Mill, High Wycombe for an undisclosed sum.

Simultaneous with completion of the purchase of Odyssey Clubs Group Limited, Close Brothers Development VCT PLC sold its 50% stake in Odyssey Glory Mill Limited, a joint venture established between Close and the Odyssey group to operate the Glory Mill Club, to Odyssey Glory Mills Management Limited, the effect of which has created a streamlined and wholly owned group to facilitate the development of the existing clubs and to take advantage of future opportunities arising in the health and fitness sector.

Under the terms of the share purchase, the consideration was paid partly in cash and partly by shares and loan stock of the purchaser.

Funding for the purchase was provided by bank borrowing, venture capital funding and investment by two key individuals with extensive experience in the health and fitness industry.

The purchaser originally entered into negotiations with the shareholders of Odyssey Clubs Group Limited in 2003 and, despite interest from other well known Health & Fitness Clubs, successfully completed the purchase in December 2004.

The purchase itself was a highly complex transaction involving bank and venture capital financing, rollover shareholder arrangements involving the issue of two classes of secured loan stock and shares, financial assistance and bank/investor subordination arrangements.

Partner, Peter Munday said “We were introduced to this client through another transaction and are pleased to have gained their confidence which led to being instructed in this transaction. We developed an excellent working relationship with the client and their other external advisors”.

The Mundays team was led by Peter Munday (Corporate), assisted by Rachel Fitzpatrick (Corporate). Partner, Richard Powell advised on banking and Karl Hughes advised on property. Peter Coats of RadcliffesLeBrasseur led the team advising the vending shareholders.

Mundays is a substantial regional practice, with notable corporate & commercial and property expertise together with a full range of private client services, including family, private wealth, dispute resolution and employment.

For further information, please contact:
Rachel Fitzpatrick, Solicitor
Tel: 01932 590500
Email: rachel.fitzpatrick@mundays.co.uk

 

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