Sheffield-based firm Taylor Emmet has advised Pegasus Grab Hire Holdings Limited subsidiary and Halfpenny Estates Limited based in Droitwich, Worcestershire. The firm assisted with its £4.5 million acquisition of 100% of the share capital in Stockstame Limited and its four subsidiary companies.
Acquiring the Stockstame Group of companies means that the Pegasus Group becomes the new owner of Wolverhampton Halfpenny Green Airport in South Staffordshire.
The Buyer was advised and assisted with the acquisition by Taylor Emmet’s Head of Corporate, Philip Jordan, and Corporate Partner, Charlotte Higgins. They received help from Legal Assistant, Sophie Taft, and Commercial Property Associate, Bryony Shaw.
Philip Jordan said: “This transaction was challenging because, in addition to buying five businesses, one also had to adhere to the stringent regulations of the UK Department for Business, Energy, and Industrial Strategy regarding airport security and investment issues. There were also strict regulatory requirements of the Civil Aviation Authority for the airport licence.”
We’re buying an aiport
In particular, Jordan noted that the acquisition of Wolverhampton Halfpenny Green Airport was tricky. He noted, “The 400-acre airfield site also had 43 commercial leases that needed to be reviewed and reported upon to the client and the transaction finance provider. Because of this, the acquisition process was intensive. The Taylor Emmet team and Buyer had to work assiduously to bring the Pegasus Group’s acquisition to its successful outcome.
“I wish to express my gratitude to Tony Hall and the Pegasus Group for their instructions … in this unusual transaction to buy an active and thriving UK airport”.
Originally built as an aerodrome for the Royal Air Force, it opened in 1941. The airport now serves as a thriving base for several general aviation operators and maintenance providers. This includes aircraft and helicopter flying schools, several private aircraft operators, and various non-aviation-based tenants.
Pegasus Group Managing Director Tony Hall said “Such a unique opportunity to acquire Wolverhampton Airport was one not to be missed. First and foremost, I’ve always been a huge aviation enthusiast and having learnt to fly at the airport it holds a place of special significance for me.
“The airport is somewhat of a local treasure so it’s importance in the area was a factor. Not only for its resident pilots but also for the surrounding landscape and its neighbours. Lastly, the airport is a business which I hope to see progress and strive to become a thriving airfield for all to appreciate.”
The details
The Pegasus Group and the privately held commercial finance company, A Shade Greener Finance Limited (“ASG”) based in Tankersley, supplied acquisition funds. ASG was advised by Clarion Solicitors, Leeds, led by Banking partner Philip Dine. The Seller received advice from Mills & Reeve LLP’s Manchester office led by Corporate Partner, Vicky Protano.
Image: Taylor Emmet
Josie Geistfeld
Josie Geistfeld is Editor of Yorkshire Legal News. She welcomes comments and questions.