retail and hospitality your retail premises need sound advice
Did you know? • Bond Street is the most expensive street in Europe to rent retail space, according to Colliers International. The average price is £838 per square foot a year.
“Companies can overlook the subtleties and refinements within commercial leases, as can lawyers without a strong background in the retail and hospitality sector. After all, when a larger company or private equity firm comes along to buy a successful business, someone is paid a lot of money to find all the flaws in the lease. They then use any weaknesses to chip away at the asking price.� Julian Hindmarsh, Partner and Joint Head of Real Estate, Howard Kennedy
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Finding you space to grow All successful businesses are built on passion, whether that is for food, retail, brand, hospitality, people or even success. This passion manifests itself in the functions and standards of a business: the quality of the coat hangers in a shop; the level of customer service in a restaurant; the softness of the towels in the hotel; the consistency of the chocolate sprinkled on your coffee. Even so, retail and hospitality remains a make or break market and if the physical operation of the business, the property function, is not managed to the same standards then logistical, contractual and financial challenges can occur. Property is often the highest expense for companies and, whether it is a shop, restaurant or hotel, securing the best location for the best terms is a priority. Otherwise, passion can turn to apprehension quickly. After all, property is also the basis for expansion; new shops, new units, new warehouses, new branches are what grow businesses and create new opportunities. Clear and concise advice on how to secure, develop, operate and manage your whole property portfolio is key. Our clients expect high levels of attention to detail and passion from their businesses. They can be safe in the knowledge that they get those attributes from us too.
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Our services From fledgling businesses to entrepreneurs to established international retailers and hotel chains, we work closely with retail industry agents on providing a full property service. These include advice on leases, purchases, sales, lettings and management.
We view ourselves not as an external legal adviser but as an integral part of the strategy and development of your business. We also know that retail and hospitality clients require added expertise too so have a full range of corporate, finance, transactional, regulatory, employment and dispute resolution services to offer.
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Market insight “ It is exciting times for the retail and hospitality sector. There are many new entrants who can take advantage of flexible sites, such as market stalls, street vendors or pop-up shops, and relatively easy start-up processes. These businesses often generate a buzz and build a strong local following. Now, more of them are making profits and looking for a permanent site. Once they have one shop, why not two or three or even become a major High Street brand?” Julian Hindmarsh, Partner and Joint Head of Real Estate, Howard Kennedy
Recent work advising • A cted for celebrity Chef Bill Granger on the acquisition of new premises in Derwent’s Buckley Building in Clerkenwell, London E1 • A cted for Lola’s Cupcakes on the roll out of new units at Brent Cross Shopping Centre and Bluewater • A cted for Tesla Motors in connection with a new agreement for lease and lease conditional on planning at Unit 1058 Westfield London • T he firm continues to act for Clintons on new lettings, re-gears and ongoing management work including an agreement for surrender and new lease in Wigan, and new lettings in Bath, Fareham and Guildford. • A cted on a re-gear for a high end jewellery retailer in Bond Street • A cted for Carluccio’s on their acquisition programme
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• A cted for Peruvian Connection on its UK flagship store in the Kings Road • A cted for Vapiano on securing its third London site in Legal & General’s new development in Wardour Street, Soho • T he firm continues to be instructed with acquisitions and ongoing management work for the Pizza Hut delivery business (Yum! ) and Pizza Hut UK (dine-in restaurants) • T he firm continues to be instructed on acquisitions and on-going management work for the Tragus group (owner of Bella Italia and Café Rouge) • T he firm continues to act its asset management programme of Mothercare.
Key contacts Julian Hindmarsh Partner: Joint Head of Real Estate julian.hindmarsh@howardkennedy.com +44 (0)20 3755 5507 Key Clients The Kooples Bill Granger Vapiano Pizza Hut Tragus Group Mothercare Tesla Motors Clintons Cards Peruvian Connection Richemont Tara Jarmon Bimba and Lola Brooks Brothers
“They are very commercial and very good with international retailers, explain things clearly, and are very responsive and very knowledgeable on the London retail market.� Chambers and Partners: A Clients Guide to the Legal Profession 2014
No.1 London Bridge London SE1 9BG DX 144370 Southwark 4 Tel: +44 (0)20 3755 6000 Fax: +44 (0)20 3650 7000 www.howardkennedy.com