Car and campervan rental company Jucy Group Limited (JGL) is in receivership and has announced the sale of its business after being decimated by COVID-19.
It has reached an agreement that secures 150 jobs with Polar Capital taking a majority stake in the purchase of Jucy’s New Zealand and Australian business assets while former Tourism Holdings Limited director David Cushing takes a minority stake.
The business was placed into receivership on Friday with Grant Graham and Neale Jackson of financial advisory firm Calibre Partners appointed as receivers to four entities including Jucy Group Limited, Jucy Holdings Limited, Jucy Rentals NZ Limited and Jucy By Design Limited.
The other businesses Jucy Snooze, Jucy Cruise, Jucy USA, JUCY UK, Your Drive and Lucky Rentals are not included in the new ownership structure.
Jucy experienced more than a 90% reduction in business revenue since March 2020 as a result of border closures across the three countries in which it operates.
The company was formed more than 20 years ago and directors say the impact of COVID-19 has been the most significant challenge it has ever faced. The sale will see the exit of brothers and original founders Dan and Tim Alpe.
The agreement with New Zealand-based investors Polar Capital and David Cushing has resulted in a new entity being formed in which Dan will lead as chief executive. Tim says the time is right to move on and pursue other interests.
In a joint statement, the brothers say COVID-19 has had an “unprecedented and devastating impact” on the business.
“We moved quickly to reduce costs and hibernate or close parts of the business, however, it became clear that we needed to bring external capital into the business.
“We have always believed that the Jucy brand is an integral part of the tourism landscape in New Zealand and Australia, and this new entity provided the best opportunity for the Jucy brand to recover from the impact of COVID-19 and move forward.”
Polar Capital head Colin Neal, the founder of Big Chill Distribution, says “we are very excited about the acquisition and are pleased we are able to play a part in securing the future of Jucy Rentals and retaining the jobs of 150 Jucy crew”.
The business continues to trade under its new ownership and the purchaser has agreed to honour holidays booked or credits held with Jucy Rentals.
The receivers ask customers to go to the jucy.com website or call 0800 399 736 with any questions about a future booking.
