Penningtons advises on Farnham Castle acquisition

Posted: 20/09/2012

A team of lawyers from Penningtons Solicitors LLP has acted on a transaction which is expected to lead to a major upgrade of the facilities at Farnham Castle. Penningtons' corporate team advised Farnham Castle Operations Limited on the acquisition of the business and assets of Farnham Castle Briefings Limited from its administrators. Farnham Castle Briefings Limited was previously responsible for providing intercultural training and hosting weddings, meetings and conferences at the castle.

The purchasers have a long and successful track record in events management, catering and operations and plan to turn Farnham Castle into a profitable enterprise, creating a sustainable future for its buildings. They are aiming to develop this historic site, which dates back to the twelfth century, into a nationally recognised events, wedding venue, hotel and conferencing facility, as well as a world class visitor attraction.

Penningtons partner David Kendall led the legal team advising the purchasers, supported by corporate solicitor Liz Brassington and real estate partner Stephen Law. The deal involved setting up a new company to purchase the business from the administrators, PKF, advising the clients on the best method to proceed with the purchase in an insolvency situation, negotiating the purchase agreement with the administrators, and drafting a shareholders’ agreement and articles of association for the new company.

Commenting on the transaction, David Kendall said: “Farnham Castle is acknowledged to be one of the most important historic buildings in the south of England. It has been a pleasure to advise on an agreement which will bring fresh ideas to this imposing venue while supporting the conservation of its keep and Bishop’s Palace. Our role has also demonstrated the breadth of Penningtons’ expertise across the business recovery and hotels and leisure sectors.”

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