22 May 2018 | Firm news | Article by Peter Hurn
A team, led by partners Peter Hurn and Gerallt Jones, has advised longstanding client, the Walters group, on the sale of Ffos Las racecourse to Arena Racing Company (ARC).
Peter Hurn, head of commercial property, said:
“We have been advising the Walters group on Ffos Las since they first acquired the site, which was a former open cast coal mine, in 2003.
“Over the last 15 years, the site has been transformed, not only through the first new racecourse built in the UK in more than 80 years, but also with the residential development and solar park which have also taken place. We look forward to seeing Ffos Las continue to develop under its new ownership.”
Dai Walters of the Walters group, who will continue as honorary chairman of Ffos Las Racecourse, said:
“Our relationship with Hugh James goes back decades and we know we can always rely on them to provide a first class service. This transaction was no exception: they played a key role in bringing a complicated deal to a successful conclusion within a tight timescale.”
Ffos Las, which is located in Carmarthenshire, had previously engaged in a management contract with ARC but this deal will see ARC permanently add the Welsh horse racing course to its fifteen venues. ARC is the largest racecourse group in the UK.
Gerallt Jones, head of corporate/commercial, said:
“Ffos Las has made a massive contribution to the economy of west Wales over the last 15 years. The sale of the racecourse to ARC opens an exciting new chapter for Ffos Las and enables it to benefit from being part of the premier UK racecourse group. We are proud to have supported the Walters group throughout on this iconic project.”