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David is a partner of the firm and head of our leisure team. He has more than 25 years’ experience in advising operators, owners and local authorities on the valuation, development, acquisition and disposal of hotels, public houses, breweries, motorway service areas and roadside restaurants, and a wide range of other leisure properties throughout the United Kingdom. He also leads our team of chartered surveyors who advise more than 12,000 public houses on their business rates.
David is a member of the Royal Institution of Chartered Surveyors Trading-Related Valuation Group, the Entertainment and Leisure Forum and the Leisure Property Forum.
Specific experience
Recent advice and major projects include:
Admiral Taverns – since March 2004 advising the purchaser and financial lenders on the acquisition and valuation of thirteen packages of public houses totalling more than 2,000 properties for in excess of £750m
Compass – providing vendor due diligence valuation and consultancy advice throughout the sale process of 39 motorway and trunk road service areas acquired by Macquarie for circa £600m
Crehan Case – expert evidence to the High Court on behalf of Inntrepreneur Pub Company (CPC) and Brewman Group
David Lloyd Leisure – providing vendor due diligence valuation and consultancy support on the disposal of the racquets and health club businesses in the UK and Europe to Versailles Bidco Limited, a company owned by London & Regional Holdings Limited and Bank of Scotland Corporate, for £925m in August 2007
De Vere – vendor due diligence support in the sale of De Vere Group to Alternative Hotels Group
Earls Court & Olympia Group – advising St James Capital Group and Nomura on property and valuation matters throughout their £245m acquisition
Greene King – external valuers preparing a sample valuation and valuation review followed by a subsequent portfolio valuation of their entire licensed estate
Greene King – preparing a valuation of the securitised estate comprising 904 public houses (£834.5m) for an Offering Circular dated 3 March 2005, a valuation for the Tap comprising 1,705 public houses (£1,700.0m) for an Offering Circular dated 3 May 2006 and a valuation for the Tap comprising 2,035 public houses (£2,123.0 m) for an Offering Circular dated 26 June 2008
Hilton Group – preparing a valuation (circa £400m) and providing consultancy advice to the purchasers and debt providers for a sale and manage-back of a portfolio of 16 hotels operated by the Hilton Group
Laurel Pub Company – joint valuers of 432 public houses for sale and 177 public houses for refinancing
Premier Lodge – assisting Whitbread on the property due diligence in respect of their £505m acquisition of this portfolio of 132 budget hotels and a further nine pipeline sites
Scottish & Newcastle Retail – advising Nomura and Laurel Pub Company on the potential acquisition of this £2.5bn portfolio of public houses and hotels
The All England Club, Wimbledon – providing valuation advice for company accounts purposes
The Queen’s Club – providing valuation and agency advice to The Lawn Tennis Association culminating in a sale of the property to the Club’s members for £35m in May 2007
Whitbread – preparing a portfolio valuation of 576 pub restaurants and hotels for circa £3.6bn
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