Investors step in to save Jucy

Jucy Rentals has been put into receivership following the sale of its assets to investment company Polar Capital.

The car and campervan rental company has been hit hard by the effects of the Covid-19 pandemic and the closing of international borders.

The Jucy Rentals business and other associated entities were placed into receivership on November 13. Jucy Group has operations in New Zealand, Australia, the United States and the UK and has experienced a 90 per cent reduction in revenue since March. 

Polar Capital, headed by Colin Neal, has acquired a majority controlling stake in the rental business in New Zealand and Australia. David Cushing, formerly of Tourism Holdings, has secured a minority stake.

The appointment puts receivers Grant Graham and Neale Jackson, of financial advisory firm Calibre Partners, in control of group companies Jucy Group, Jucy Holdings, Jucy Rentals and Jucy By Design.

Jackson says the business will continue to trade under its new ownership, has retained 150 staff, “and the purchaser has agreed to honour holidays booked or credits held with Jucy Rentals”.

Neal has not disclosed how much Polar Capital paid for Jucy, but he says the investment company is committed to growing the Jucy team to pre-Covid levels and expanding the business on both sides of the Tasman, reports the NZ Herald. Prior to the coronavirus crisis, Jucy had about 400 employees. 

A two-year recovery plan will reprioritise the campervan operations and wind down the car rentals division over the next year, adds Neal.

The agreement will see Jucy founders and brothers Dan and Tim Alpe exit the group, but Dan will become chief executive of the new entity.

Jucy’s other businesses Jucy Snooze, Jucy USA, Jucy UK, Your Drive and Lucky Rentals have not been purchased under the new ownership model.