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Acquisition of businesses | 12 Months Ended
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Dec. 31, 2021
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Acquisition of businesses | 11. Acquisition of businesses Six Senses On 12 February 2019, the Group acquired a 100% ownership interest in Six Senses Hotels Resorts Spas (‘Six Senses’), a leading operator of top-tier luxury hotels, resorts and spas with a world-renowned reputation for wellness and sustainability.​​​​​​​ The total purchase consideration was $304m, comprising $299m paid on acquisition, including the settlement of working capital and $5m of contingent purchase consideration. The fair value of net assets acquired was $246m, including brands of $189m, management agreements of $45m, and a right-of-use asset of $19m offset by an equal lease liability. Goodwill recognised was $58m. The value of the contingent purchase consideration was reassessed at 31 December 2021 (see note 25). The value of management agreements and right-of-use assets recognised on acquisition were impaired by $41m and $5m respectively in 2020 (see notes 13 and 15). UK portfolio Following a 2018 deal with Covivio to operate 10 UK hotels under long-term leases, in 2019 the Group added a further two hotels to the portfolio bringing the total hotels in the UK portfolio to 12. The total purchase consideration for the 12 hotels was $73m, comprising $10m paid on acquisition, a working capital refund of $3m and $66m of contingent purchase consideration. The fair value of the net assets acquired was $14m and goodwill of $64m was recognised, of which $12m was recognised in 2019. Goodwill and non-current assets allocated to the UK portfolio were impaired in full during 2019 and 2020 such that the remaining value is $nil (see note 6). The contingent purchase consideration was valued at $nil as at 31 December 2021 (see note 25). Cash flows relating to acquisitions
|  |  |  | 2021 $m |  |  |  |  | 2020 $m |  |  |  |  | 2019 $m |
Cash paid on acquisition, including working capital settlement |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  | 299 |
Settlement of stamp duty liability |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  | 3 |
Less: cash and cash equivalents acquired |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  | (7 | )
Less: working capital settlement received in year following acquisition |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  | (3 | )
Net cash outflow arising on acquisitions |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  | 292 |

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