Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Plymouth-based travel company saved with pre-pack deal

Plymouth-based travel company saved with pre-pack deal

Thu, 18 Nov 2021 | BUSINESS SALE



A Plymouth-based travel company specialising in overseas diving trips has been saved from administration following a pre-pack acquisition of the non-licensable part of the business by Scuba Tours Worldwide Ltd.

Blue 02 Ltd, which traded as Blue O Two, had registered strong growth pre-pandemic but said that the UK’s stringent, and constantly changing, COVID travel restrictions made it “almost impossible” to deliver diving experiences, with some customers having holidays rescheduled multiple times.

Nathan Tyler, director of Blue O Two, said: “Before COVID, our business was a high growth success story. Despite our best efforts and determination, the financial impact of the pandemic became too great and we were forced to restructure our business.”

Over the course of the pandemic, refunds totalling more than £3 million were made to customers and without investment the business faced closure. However, the brand has now been saved, protecting jobs and providing continuity for about 1,700 customers.

Andrew Sheridan and Simon Stibbons, partners at business advisory firm FRP, were appointed as joint administrators of Blue O2 Ltd on November 15 and immediately completed the sale of the non-licensable part of the business to Scuba Tours Worldwide Ltd.

Joint administrator Andrew Sheridan commented: "This has been an incredibly tough time for the travel industry with even well-established businesses like Blue O Two facing significant challenges. We're therefore delighted to have secured a sale of the non-licensable part of the business, which saved the jobs of all of the employees and protects holidays for 1,700 customers."

Directors Jason Strickland and Nathan Tyler said they were delighted that the Blue O Two brand “lives on under Scuba Tours Worldwide Ltd – which now trades as Blue O Two."


Read more about how COVID-19's impact is creating acquisition opportunities in the travel sector.

Find businesses for sale here.

If you are looking for an exit, we can help!


Share this article



Latest Businesses for Sale

Provider of Yacht Refit and Surveying Services
UK Wide

Specialises in yacht refits and surveying, providing exceptional service and high levels of efficiency for international clients. Benefits from a wealth of industry-specific experience, with its expertise encompassing a variety of vessels, including...

Asking Price: Offers Invited
Turnover: £7,200,000

FREEHOLD


Marquee Hire and Event Planning Company
Ickenham, Cheshire, North West, UK

Offering high quality marquees with a wide range of sizes. This offers a huge amount of flexibility which allows the company to cater for whatever customers require, from a small marquee in the back garden, to a marquee village, or perhaps catering f...

Asking Price: £290,000
Turnover: £438,450

LEASEHOLD


Tour Operator & Travel Agency
London, UK

A highly successful tour operator and travel agency trading for over 40 years. Offers bespoke travel and tourism packages for the benefit of private, corporate and commercial clients. Specialises in travel to Latin America and the Middle East. A full...

Asking Price: Offers Invited
Turnover: £1,140,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
16
 
May
 

Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE

Manx Financial Group Plc has announced the acquisition of Pa...

 
13
 
May
 

Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION

The US House Group modular housing joint venture has fallen ...

 
12
 
May
 

Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE

Bathroom and kitchen products firm Norcros has agreed a deal...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2022. Business Sale Report Ltd. All rights reserved. www.business-sale.com.