Harbottle & Lewis advise Virgin Holidays on Fast Track Holidays acquisition

Harbottle & Lewis have advised Virgin Holidays Limited on the acquisition of the entire issued share capital of Fast Track Holidays Ltd from the founders. Fast Track Holidays Ltd is a specialist cruise operator, offering a range of cruises from ports in both the UK and worldwide. As a result of the deal, Virgin Holidays hopes to claim at least 10% of the cruise market over the next 24 months, offering cruises in all Virgin Atlantic-serviced long-haul destinations, as well as options from UK ports and in the Mediterranean.

Harbottle & Lewis advised on all aspects of the deal including drafting and negotiating transaction documentation and due diligence work, working closely with Jill Brady, General Counsel, and Abigail Cox of Virgin Holidays' legal team and financial adviser New Boathouse Capital.

Partner Colin Howes, head of the Company and Commercial Group, led the deal and was assisted by Charles Lévêque, Chloe Targett-Adams and Lisa Pickering in the Company and Commercial Group. Tax lawyer Louise Gordon, employment lawyer Nick Hobson and property lawyer Victoria Kiernan also assisted. New Boathouse Capital was Virgin's financial adviser and Thring Townsend Lee & Pemberton advised the sellers.

Colin Howes commented: "Virgin Holidays has grown organically since it began operations nearly 25 years ago. We have acted for the company throughout. This is its first significant acquisition and will enable Virgin to establish a leading position in this important market."

Grant McCarthy, Commercial Director, Virgin Holidays said "We have seen impressive and consistent growth in our cruise programme, and have been assessing companies in the sector that would be suitable for integration into our business. Fastrack Holidays Ltd fitted our criteria. Harbottle & Lewis has delivered solid advice and ensured a smooth acquisition process for all parties"

Under the terms of the transaction, existing members of the Fast Track management team will continue to work with the company as part of the Virgin Holidays group.

Other recent work which Harbottle & Lewis has advised Virgin in relation to has included the sale of 90% of Virgin Books to Random House and advising on various aspects of the restructuring of Virgin Atlantic's fleet of aircraft

For further information, please contact Colin Howes on 020 7667 5000.

[Ends]
25/10/07

Note for Editors

Harbottle & Lewis LLP
Harbottle & Lewis provides specialist advice to the media and entertainment industries. It is consistently recognised as a leading firm in these areas by independent sources. It is also widely recognised for its work in the aviation, travel and leisure industries.

Firm overview: The firm's work encompasses all areas of media and entertainment, including film, television, broadcasting, sport, music, publishing, advertising, interactive entertainment, fashion and theatre and remains unique in having expertise right across these sectors. Its travel and leisure industry clients include airlines, tour operators, travel agents, venues, hotels, bars and restaurants.

We provide a complete range of commercial advice to our clients, including: buying and selling businesses and companies, joint ventures, finance, capital markets, commercial disputes, property, employment, immigration and tax. Other specialist legal areas include, sponsorship, intellectual property, legal issues relating to media, including defamation, advertising, brand protection, data protection, privacy, art and gaming and gambling as well as private client and matrimonial work and charities.

Much of our work involves the technology, new media and telecoms industries and we have done ground-breaking work in connection with the digital exploitation of content and e-commerce generally. Specialist knowledge and understanding of the industries in which it specialises and related legal expertise enables the firm to identify and deal with the key issues at an early stage, and then negotiate and provide commercially sound legal advice from a position of strength.

Recent work:
In 2007 we have advised on a number of significant deals including:

Acquisition of Minotaur International by Target Entertainment
Joint venture between Channel 4 and Emap plc.
DCD Media acquisition of Prospect Pictures, September Films and West Park Pictures
Acquisitions of Index Books by Penguin and Virgin Books by Random House
Sale of TV production companies Tiger Aspect to IMG Media and Ricochet to Shed Productions
Virgin Active acquisition of Holmes Place
Financing and acquisitions of development houses by SCi/Eidos and Take 2

Other high-profile work includes:

Advising the Royal Household: HRH The Prince of Wales v. Mail on Sunday; all aspects of the staging and organisation of the Concert for Diana at Wembley Stadium; production, management and broadcast of the Queen's Children's Garden Party
Acting for Kate Moss on various matters including arrangements for her high-profile endorsement and merchandising arrangements with TopShop
Acting for a number of high profile individuals including Victoria Beckham, Steven Gerrard and Janet Street-Porter

Issued by: Caroline Renton, Marketing Communications Manager
E-mail: caroline.renton@harbottle.com
Telephone: 020 7667 5231