Case studies

Acquisition of international luxury travel operator


We advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express.

Australian Pacific Touring, which was established in Melbourne over 80 years ago and is regarded as a pioneer of the Australian and New Zealand travel industry, specialises in holidays in Australia, New Zealand, Canada and, most recently, Europe and China. It places an emphasis on innovative, luxury touring breaks.

GW Travel operates private trains in Russia, Mongolia, China, Tibet, India, Canada and Africa. In 2007, after running tours over the Trans-Siberian Railway for over ten years, it unveiled the Golden Eagle Trans-Siberian Express, a new train that brought unprecedented luxury to the world’s greatest railway journey.

Shares in GW Travel were held by three shareholders who each sold 51% of their shares to Australian Pacific Touring. The shareholders are also directors of GW Travel and will remain working for the company in partnership with Australian Pacific Touring. The deal included the issue of loan notes to the sellers by the purchasers as part of an interest bearing loan.

Penningtons advised on all aspects of the commercial agreements involved in the acquisition. Our team included corporate, employment and tax specialists.


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Penningtons Manches LLP

Penningtons Manches LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority. San Francisco is an associated office.

Penningtons Manches LLP