Multi-sector law firm, GA Solicitors, has advised upon the sale of Plymouth’s historic Royal Corinthian Yacht Club in a six figure deal comprising of the waterfront property, the events and restaurant business and the transfer of its employees.
The Royal Corinthian Yacht Club dates back to 1877. Its members moved to the property on Madeira Road, The Hoe in 1896, eventually buying the freehold in 1936. As well as a home to the Yacht Club and its members, in recent years the Club has become a popular wedding and events venue due to its uninterrupted coastal views and upgraded facilities.
GA Solicitors advised the members on all aspects of the deal, including the sale of the business as a going concern, the sale of the freehold property and the transfer of its employees to the buying company.
Although the building has been sold, the Yacht Club itself remains an active and strong organisation and the members are currently looking for alternative premises.
The new owners, The Marina Club Limited, are a family run business with experience in the sector and long-term plans to continue to maximise the building’s waterfront location and further develop the wedding and events side of the business.
James Peterson, company commercial solicitor and partner of GA Solicitors, commented: “The Yacht Club has a well-documented and extensive history in the city and we have been delighted to support the members with this significant sale. The deal spanned across three of our specialist teams to allow us to provide the best advice relating to business, property and employment.
“The longstanding history of the Club and the building ensured this was an interesting transaction, with advice required from the council’s historic environment team to complete the deal.
“We wish the members the best of luck in finding new premises and will look forward to seeing the new owners continue to develop such a key local business.”
Nick Haynes, committee member and honorary treasurer of the Royal Corinthian Yacht Club commented: “Selling the property and accompanying events business will allow the Club to focus once again on our true passion of sailing and in meeting the needs of our members. The property has provided us with a fantastic home for more than 120 years but I am sure in the hands of its new owners, who can focus on it solely as an events and visitor destination, it will truly thrive.
“I would like to thank all members of the GA team who supported and advised us through this process. They have proven professional and effective throughout and we will look forward to continuing our relationship with them.”
The company commercial elements of the sale were dealt with by James Peterson, partner of GA Solicitors. The commercial property elements of the sale were dealt with by partner and head of department, David Stone, and the employment aspects were advised upon by Robert Zacal, also a partner of GA Solicitors.