The firm has advised Arena Coventry Limited, Arena Coventry (2006) Limited, IEC Experience Limited (the “ACL Companies”) and FRP on the appointment of joint administrators and subsequent sale of the Coventry Building Society Arena
Burges Salmon advised the ACL Companies and joint administrators, Andrew Sheridan and Raj Mittal, partners at specialist business advisory firm FRP Advisory (“FRP”), on the pre-pack sale of the ACL Companies’ business and assets, including ownership of the Coventry Building Society Arena, to certain entities controlled by Frasers Group Plc.
The deal has helped to secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.
The Burges Salmon team advising on the deal was led by head of corporate restructuring and insolvency, Andrew Eaton, alongside senior restructuring associate Nick Middleton and partners James Sutherland and Colin Ligman. Further assistance was provided across the firm by Ian Carnochan, Will Hall, Michael Duncan, Pav Jureczko, Ben Powell, Ben Tambling and Joe Bailey.
Andrew Eaton comments: “We are pleased to have advised the companies and joint administrators and worked alongside the wider FRP team on this transaction, that was completed in challenging conditions. In particular, we are delighted to help secure the future of the Arena, preserving jobs and hopefully returning growth to the business under its new ownership.”
Andrew Sheridan comments: “We would like to thank Burges Salmon for their help in supporting us with this significant transaction and acquisition of the Arena by Frasers Group. Andy and the team provided us with comprehensive specialist advice which has helped us bring the transaction to a successful conclusion. We are delighted that the doors of this flagship venue remain open and the Arena will continue to play a strategic part in the City of Coventry’s economic tourism plan.”