Delivering a deal with care and integrity
Established in 1964 and family-owned for over 55 years, Bourne Leisure is one of the pre-eminent businesses in the UK domestic holiday market. When the decision was made to explore the sale of a majority stake in the company to global investment management firm Blackstone, PwC’s relationship-focused approach really made the difference.
Setting the scene
Bourne Leisure operates some of the most iconic holiday brands in the UK - Butlin’s, Haven and Warner Leisure Hotels. So when the company decided to appoint an adviser they wanted a team they could trust, to make it happen at speed, and in a way maximised value while satisfying the family legacy and not compromise on its culture. Factoring those requirements into a deal that needed to take account for 16,000 employees, 4.5 million guests, 25,000 holiday home owners as well as the interests of multiple generations of families and other shareholders was going to be no simple task.
This is where deep-founded and long-term personal relationships, combined with transaction expertise were going to be critical. Rick Jones, a Corporate Finance Partner who had worked with the client in the past, assembled a team with relevant corporate finance, sector and financing expertise to support this momentous deal.
How we helped
The shareholders were keen to negotiate and complete the deal with Blackstone swiftly to minimise business disruption during a time when there was already a great deal of external pressures as the second wave of the pandemic had hit the UK.
Given the scale and inherent intricacies of a deal like this the team had to come up with an approach to hit the ground running and complete negotiations and due diligence activities within the tight timescales.
To handle the multiple priorities, we identified varied and specialised support the company would need. The financial, tax and IT due diligence work was complemented by experts from tax advisory, Share Purchase Agreement (SPA) and completion mechanism services.
With the majority of the work taking place over Christmas and early 2021, when the UK was back in a full lockdown, the team instilled a rhythm that removed ambiguity and provided clarity during uncertain times even when the only way to meet was by video call. They created forums for open communication and speedy problem solving and set up regular calls with Bourne management, Blackstone and their respective advisers. This approach was critical in creating efficiency and ensuring quality would not be compromised.
“Rick and Suzi are a testament to PwC’s culture. Their approach is authentic and they’re always looking to add value, it’s something that sets them apart from the crowd. Throughout the process, the team demonstrated care and a genuine focus on getting the deal right for us, helping to navigate the complexities involved in such a major transaction with expertise and enthusiasm. It was a real pleasure to work with everyone involved.”
Making a difference
In early February, the team completed the deal and enabled the smooth transaction within the agreed timelines.
Our input not only secured the majority share sale to Blackstone as anticipated but also made it possible for the founding families to re-invest in the company and retain a minority stake in the business.
A huge factor in both winning and delivering the work was our demonstration of care and integrity. From the long-term investment in building relationships with the client and transparent approach to our genuine interest in getting the outcome the client wanted, we challenged ourselves to exceed their expectations.
The success of this engagement illustrates that our people are focused on creating outcomes that are bigger than ‘just a number’. As in the case of Bourne, despite its size and scale, people were at the heart of this deal.
“Working with Paul and his team on this transaction will live long in all our memories. To be asked to work on such an important deal for them was truly humbling, our achievements together in a short period of time were incredible, and the deep level of trust and respect that existed between us all was inspiring.”
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