Ladhar Group acquisition, completed by Sintons, wins Property Deal of the Year
The Sir John Fitzgerald (SJF) group, a key operator on the region’s leisure scene since the 19th century, was bought by Ladhar Group in December 2020, and was hailed as one of the most significant leisure and property deals in any climate – but particularly during such difficult times for the leisure scene amidst the COVID-19 pandemic.
The deal, which saw Ladhar Group taken on all 16 of SJF’s properties across the North East, was completed by property specialists at Sintons, the long-standing advisors to the Ladhar Group.
The acquisition retained ownership of the SJF brand within the North East, and also ensured fast-growing Ladhar Group play an increasingly central role in the ongoing development of Newcastle’s leisure economy. The group already owns some of the city’s most desirable venues and is behind ambitious city centre regeneration plans.
It was named as winner in its hard-fought category at the North East Property Awards, organised by Insider Media and held last night, in one of the biggest awards events held in the region since the onset of the pandemic in March 2020.
Judges were impressed with Sintons’ efforts in completing such a significant transaction, particularly in such a challenging climate.
The deal, one of the highest-value property deals in the region during 2020, had to be completed in a particularly tight timescale, and had the additional challenges of a 16-property transaction being completed remotely.
However, the transaction, led by real estate partner Alok Loomba, was completed successfully for the client within the timeframe, and marked the latest step in its growth to be supported by Sintons. The law firm has supported Ladhar Group for many years and continues to be its advisor of choice.
“We are absolutely delighted this acquisition has been named Property Deal of the Year, it is rightful recognition of our client’s ambition and vision in making this purchase, and we are very pleased our role in this has been recognised,” says Alok Loomba.
“This was a bold step by Ladhar Group, particularly during a climate when leisure was one of the hardest-hit sectors by the pandemic, so to purchase an entire group and add that into a portfolio showed great courage but also shows the willingness of our client to invest in the North East economy, protecting jobs and driving our vibrant leisure scene even further forward.
“Admittedly, this was a complex transaction, comprising 16 properties across the region and the ongoing COVID restrictions meaning everything had to be done remotely, but our expertise and experience as a team ensured we were able to meet the very tight timeframe for completion. We are very pleased indeed this has been recognised with the Property Deal of the Year.”