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Crowe advises Midcounties Co-operative on expansion in travel and holiday sector

12/10/2020
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The Corporate Finance team at national audit, tax, advisory and risk firm Crowe has assisted Midcounties Co-operative in concluding two transactions in the holiday and travel sector.

Andy Kay

Andy Kay, Corporate Finance Partner at Crowe’s Midlands office, said: “2020 has clearly been a difficult year for the travel sector, so it has been particularly heartening to be able to support Midcounties Co-operative, a respected and well-resourced business, in finalising agreements that have helped save many jobs and travel agent offices across the region.”

In the first deal Co-operative Travel, the retail travel division of Midcounties Co-operative, entered into an agreement with Central England Co-operative to transfer 16 of its travel branches and the staff who work in them to Co-operative Travel.

This was followed most recently, by a further agreement with award-winning, independent travel agency Carrick Travel, to transfer seven of its branches into Co-operative Travel.

Andy Kay said: “The two deals take Co-operative Travel’s portfolio of branches across England to 78 and has helped secure many jobs that would otherwise likely have been lost.

“The two deals now mean that Midcounties Co-operative, advised by our team at Crowe, has concluded four major deals in the past 18 months, following the purchase of four Warner’s Budgen food stores in the Cotswolds and three Childcare nurseries in the North East in 2019.”

The Birmingham office of international law firm Gowling WLG provided legal advice to Midcounties Co-operative on all four deals.