Sale of Harrison Holidays business to OzBus Tours
Parker Andrews is pleased to announce the sale of the Harrison Holidays business to overland adventure travel specialists OzBus Tours.
An extensive marketing campaign generated dozens of interested parties and led to five formal offers. Following further negotiations with two bidders, a sale was agreed on 16 January 2012 to OzBus Tours Ltd, a company owned by Daryl Jones, based near Brisbane, who has operated coach holidays in Australia for over 40 years. The UK operations, based in Cambridgeshire, are run by Operations Manager Stephen Nattrass.
The sale price is based on a percentage of turnover of the new Harrison Holidays business to be operated during the 2012 calendar year. This is projected to bring in between £100,000 and £200,000 for the creditors of the company, who are owed in excess of £200,000. It is possible that if the Harrison Holidays brand does extremely well, creditors may be paid in full. In addition, as a result of trading the business during administration and operating holidays that would have otherwise been cancelled, Parker Andrews has reduced the claims from customers by approximately £200,000.
OzBus will honour customer payments received prior to the company entering administration for tours. If any holidays are not run due to a lack of customer bookings, OzBus will offer customers that had booked a place on an alternative holiday of their choice. OzBus also intend to contact the former employees of Harrison Holidays in order discuss positions that may be available with the new business.
Parker Andrews will be working closely with OzBus over the coming weeks to ensure a smooth handover and provide information to customers booked on upcoming holidays.
OzBus Tours Ltd was formed in September 2011 to purchase another failed holiday operator, Oz-Bus UK Limited, which was placed into liquidation in August 2011. OzBus operates epic overland tours from London to Sydney and the only commercial fully overland trip from London to New York, as well as a growing selection of trips of all lengths across South America and Africa. OzBus is looking to quickly arrange additional tours under the Harrisons brand for the rest of 2012.
Parker Andrews were assisted by Frank Brumby and Simon Loome, partners of Norwich and London solicitors Isadore Goldman.
For more information on OzBus and Harrisons, contact Rob Freeman (OzBus Client Experience Manager) on 01480 810080 or rob@oz-bus.com
