Actev Limited has invested in Another Place Ltd, as part of a buy and build strategy in specialist destination hotels. Smith & Williamson originated the transaction and acted as lead corporate finance adviser to Actev.
Another Place is a new hotel collection from the team behind Cornwall’s Watergate Bay Hotel. The hotels in the Another Place collection will operate independently of Watergate Bay Hotel but with the same focus on providing guests with a resort style experience reflecting the locations in which each are set. Actev is supporting the team’s strategy of initially rolling out six hotels under the Another Place brand in the UK, with the aspiration of growing into Europe and America.
The first hotel to be developed under the Another Place brand is Another Place, The Lake on the shores of Ullswater in the Lake District, which is being expanded into a 40 room hotel with two restaurants, a 20 metre indoor pool and treatment rooms. Other sites have been identified in the UK and Actev intends to continue investing in Another Place as the portfolio grows.
Actev is the family office of Gavyn Davies OBE and his wife Baroness Nye who have experience in supporting and investing in family and owner-managed businesses across the consumer, leisure and retail sectors. Their investment philosophy is to work with exceptional management teams and to support them by providing capital for growth.
Actev retained Smith & Williamson to identify and approach companies that met the fund’s investment criteria. Baroness Nye said “We chose to work with Smith & Williamson because of their reputation among owners of independent businesses. Their existing relationship with the Watergate Bay team was invaluable and helped build trust between all parties right from the start.”
Will Ashworth, founder of Another Place and Managing Director of Watergate Bay Hotel said “Actev is the perfect partner for us. We were impressed by how quickly they understood our vision and the speed with which they acted. From their initial approach to investment was four months and we are thankful to Brian Livingston and his team at Smith & Williamson for making the introduction and managing the transaction through to completion.”
Brian Livingston, Managing Director and Head of Mergers & Acquisitions at Smith & Williamson Corporate Finance Ltd said “It was important in this transaction to have sector knowledge in the leisure industry and the ability to source and close deals of this nature with successful entrepreneurs. Perhaps most important was to understand the culture and mind-set of the entrepreneur and the equity investor to ensure we could match the needs of all parties.”
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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