Pass completion for BDO
THE Birmingham-based transaction services team from accountancy firm BDO has advised on the £35m management buy-out of London-based tourist pass system provider Leisure Pass Group.
BDO worked alongside private equity firm Primary Capital – which backed the MBO – and funder Royal Bank of Scotland on the deal.
Leisure Pass Group provides smart card-based multi-attraction tourist passes in locations including Paris, Berlin and London.
The deal sees the company link up with Primary Capital, which has previously made investments in Paperchase and YO! Sushi Group.
Alex Parkinson, assistant director at Primary Capital, said: “Primary is excited by Leisure Pass’ potential for growth both in its current core markets of London and Paris as well as via geographic expansion across Europe and further afield.”
As part of the deal both Parkinson and Rob Foreman, director at Primary Capital, will join the board of Leisure Pass as non-executive directors.
