Jaguar dealership sold for $26m amid COVID lockdown

Amid a snap Victorian lockdown, a Jaguar Land Rover dealership was sold for $26 million to Autosports Group with assistance from Macpherson Kelley.

Naomi Neilson • 02 March 2021 • SME Law

Firm: Macpherson Kelley (Stillwell Motor Group)

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Deal: Macpherson Kelley has acted for Melbourne-based Stillwell Motor Group in the $26 million sale of its Brighton Jaguar and Land Rover business and property to the east coast luxury car dealer, Autosports Group Ltd.

Value: $26 million.

Area: Commercial.

Key players: The team was led by principal lawyer Terry Kokkinos, who was assisted by lawyer Chris Bevacqua. Principal lawyer Sebastian Renato and associate Justin Bellino acted on the property aspects of the deal.

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Deal significance: Macpherson Kelley prepared all documentation for the sale of the business and property, assisted with contract negotiations and managed the settlement process – which was complicated by Victoria’s snap five-day lockdown.

“Settlement was set and on track for Monday, 15 February but when Premier Daniel Andrews announced the recent ‘circuit breaker’ lockdown on the Friday before, we had to quickly come up with some commercial workarounds to complete the usual site stocktakes and final counts which were able to be achieved with the cooperation of the Stillwell and Autosports teams,” Mr Kokkinos said.

He added that coming up with alternatives to usual settlement processes can change the risk profile on both sides, so being able to brainstorm ideas at short notice, execute and complete on time was a “credit to all involved”.