VIP SKI saved as former MD buys assets for $175k

UK: Luxury ski chalet operator VIP SKI has been saved from going out of business permanently after a firm headed up by its former managing director acquired the business and certain assets of the parent company, APS-Select Ltd.

It came after the parent company entered administration back in November, as VIP SKI highlighted Covid-19 and government policies on travel restrictions as key factors in its collapse. APS-Select ceased trading after three decades in operation.

Companies House records showed that startup company Vita Brevis Ltd had completed the acquisition of certain assets for £175,000. Business advisory, restructuring and investment practice, ReSolve, helped to negotiate the sale.

It was also reported that 60 per cent of VIP SKI customers had decided to cancel or rebook their existing bookings for the 2020/21 season, underlining the pressures facing the company in the wake of the coronavirus outbreak.

Former VIP Ski managing director Andy Sturt, director of Vita Brevis, said in a statement: “I am simply relieved that we have been able to secure and protect the legacy of VIP SKI and will now start the challenging but energising task of rebuilding the community of skiers, colleagues and partners for whom it meant so much.”

ReSolve managing partner Mark Supperstone added: “We are pleased to have achieved the sale of such a well-loved brand despite the difficulties being faced in the travel sector currently. There is always a demand for good, reputable businesses and it is great news that VIP SKI will continue to trade, enabling people to have amazing and memorable holidays.”