Wimbledon Park Golf Club
Our Approach
- Thorough preparation and analysis of legal parameters and stakeholder objectives
- Engagement with all stakeholders to confirm objectives and to progress consensus
- Presentation of deliverable and negotiated solution for formal consideration by stakeholders
We employed these capabilities when we advised the members of Wimbledon Park Golf Club.
- Company Profile
- Transaction Background
- What We Did
- Outcome
Wimbledon Park Golf Club is an 18-hole parkland course set around the Wimbledon Park Lake, in the heart of London SW19. The club was owned by its members and held a 23 year lease for the golf course land. The freeholder was the All England Lawn Tennis & Croquet Club (AELTC) which is situated adjacent to the course and runs the Wimbledon Championships.
- AELTC wished to buy back the golf course lease in order to use the golf course land to expand tournament facilities and had made a number of financial proposals to the WPGC members
- After a period of internal discussions, the member appointed board at WPGC decided to appoint financial advisers to manage the process of engagement with AELTC and to ensure effective member consultation through a rigorous, impartial process
- Working with legal and property advisers, Opus advised on extensive consultation with WPGC members alongside negotiations with AELTC to provide an optimal proposal for member consideration
- As part of the process, the governance of WPGC required updating and reconstituting to provide transparent and effective decision processes and deliverable outcomes
- A substantially improved proposal was negotiated with AELTC for consideration by WPGC members
- Under the renewed WPGC constitution the pros and cons of the AELTC proposal (both financial and non-financial) were set out in a detailed document to inform a vote by members on the final AELTC proposal without any recommendation as to voting. The AELTC proposal was approved by special resolution of WPGC members
CN Group
Our Approach
- We advise multigenerational family businesses
- We are committed to reconciling the objectives and needs of multiple stakeholders
- We are experienced in working with pension trustees and their advisers to protect the long-term interests of scheme beneficiaries
We employed these capabilities when we advised CN Group on the sale of their radio and print media assets to Global Media and Newsquest respectively.
Sector
Media
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Cumbria News Group (CN Group) was a multi-generational family owner of 12 newspapers and magazines and operated two local radio stations. It also owned and ran a number of events in the North West of England and operated a printing press in Carlisle.
- Due to a combination of a decline in the print media sector and an increasing pension deficit, the company decided to consider strategic options
- Throughout the process, we worked closely with the executive board and independent directors, including pension fund representatives
- We proposed a structured solution which was to separate the print media and radio businesses and to sell these to specialist trade buyers. This was key to maximising value
- Successful negotiation of transactions which realised a satisfactory outcome for both shareholders and the pension trustees
- The pension deficit remained with the print media business and would benefit from the stronger covenant of the buyer. In addition, we facilitated an acceleration of the deficit reduction programme
Pocket Living
Our Approach
- We build long-term relationships, supporting clients from early stages
- Our deep knowledge of the affordable housing market underpinned the compelling investment case
- Engagement with international strategic investor ensured capital for long-term growth
We employed these capabilities when we advised Pocket Living on its initial sale of a 50% stake to Related Companies, a large US developer of affordable housing. The transaction was the first of its kind, where a US real estate firm invested in the UK’s affordable housing market.
Sector
The Built Environment
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Founded in 2005, Pocket Living is a leading developer of affordable homes, designed to be starter homes for ‘city makers’, and is supported by the Greater London Authority.
Opus has built a long-term relationship with the management and shareholders of Pocket, who we have advised previously on securing equity finance from Greater London Enterprise Group and on Pocket’s co-venture funding arrangements with CarVal Investors.
- Accelerating growth at Pocket provided the opportunity to link up with a larger well capitalised partner to achieve medium term goals consistent with Pocket’s core social objectives
- Pocket and Related were well known to each other through Related’s joint venture with Argent, a key developer at the King’s Cross renewal project
- Working with the Pocket team, we helped evolve a participation and progressive ownership structure to allow a transaction to proceed with Related
- The team developed Pocket’s medium term business plans to provide a robust underpinning to the future performance targets set by the transactions
- Successful progressive transfer of ownership to Related, a much larger US equivalent
- The transaction has enabled Pocket to accelerate its development programme and cement its position as a leading independent provider of affordable housing for key workers
Low Carbon Workplace
Our Approach
- Thorough preparation and analysis of legal parameters and stakeholder objectives
- Engagement with all stakeholders to confirm objectives and to progress consensus
- Presentation of deliverable and negotiated solution for formal consideration by stakeholders
We employed these capabilities when we advised the members of Wimbledon Park Golf Club.
Sector
Energy Transition & Climate Change The Built Environment
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Wimbledon Park Golf Club is an 18-hole parkland course set around the Wimbledon Park Lake, in the heart of London SW19. The club was owned by its members and held a 23 year lease for the golf course land. The freeholder was the All England Lawn Tennis & Croquet Club (AELTC) which is situated adjacent to the course and runs the Wimbledon Championships.
- AELTC wished to buy back the golf course lease in order to use the golf course land to expand tournament facilities and had made a number of financial proposals to the WPGC members
- After a period of internal discussions, the member appointed board at WPGC decided to appoint financial advisers to manage the process of engagement with AELTC and to ensure effective member consultation through a rigorous, impartial process
- Working with legal and property advisers, Opus advised on extensive consultation with WPGC members alongside negotiations with AELTC to provide an optimal proposal for member consideration
- As part of the process, the governance of WPGC required updating and reconstituting to provide transparent and effective decision processes and deliverable outcomes
- A substantially improved proposal was negotiated with AELTC for consideration by WPGC members
- Under the renewed WPGC constitution the pros and cons of the AELTC proposal (both financial and non-financial) were set out in a detailed document to inform a vote by members on the final AELTC proposal without any recommendation as to voting. The AELTC proposal was approved by special resolution of WPGC members