Begbies Traynor seals improved deal on city office

Begbies Traynor seals improved deal on city office
Firm signs 10-year lease for £344,000

Begbies Traynor Group, the business recovery, financial advisory and property consultancy, has completed a new lease of its Manchester office – part owned by Ric Traynor, the company’s executive chairman – for £344,000 over a 10-year period.

The new lease is for a 10-year term and incorporates a tenant’s only break clause to terminate the lease at the end of the fifth year.

The new lease represents a significant financial reduction on the previous commitment of approximately £331,000 per annum.

This reflects a smaller lettable area and a reduced cost per sq ft of £23.50 compared to £25 (exclusive of market incentives). In assessing the appropriateness of the new lease, the group says it has also undertaken a thorough exercise of considering alternative property options in Manchester city centre.

A statement from the listed company said: “The new lease represents a related party transaction which, the independent directors consider, having consulted with its nominated advisor Canaccord Genuity Ltd, that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned.”

Click here to sign up to receive our new South West business news...
Close