News

SPS publish new EG article ‘Breaking up is hard to do’

As part of our regular analysis of commercial leasehold liabilities we wrote an article for Estates Gazette magazine which provides the latest on the leasehold hangover in the UK. Read…

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B&Q Outsources to Surplus Property Solutions

As part of its drive for operational efficiency, B&Q has outsourced its remaining dark store lease liabilities to Surplus Property Solutions (“SPS”) using a lease liability transaction. The stores are…

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SPS features in recent article on ‘Solving the Surplus’

In July 2016 Estates Gazette published an article entitled “Solving the Surplus” which outlines the way a leasehold liability transaction works, the benefits it brings, and talks about a number…

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Whitbread Project Update – February 2016

Surplus Property Solutions has surrendered the largest liability and assigned to the local Council the second largest liability in the Whitbread property portfolio, taken on five months ago. This removes…

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Whitbread Transfers Liabilities to Surplus Property Solutions September 29 2015

Whitbread Plc (“Whitbread”) the UK’s largest hotel, restaurant  and coffee shop operator and owner of the Costa Coffee and Premier Inn brands, has transferred 16 unwanted leasehold  liabilities to Surplus Property…

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Surplus Property Solutions Announces the Disposal of the Final Morrisons Long Leasehold

Surplus Property Solutions is happy to announce the disposal of the final long leasehold in the Morrisons’ portfolio. Of the 28 liabilities in the portfolio 12 were leases with more…

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One Year On – SPS Announces Progress on Santander Portfolio

In January 2014 SPS took on a portfolio of 59 properties from Santander Plc.  After one year of focused work, only 35 properties remain. The portfolio originally included 47 vacant…

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SPS Letter to EG Supports Landlord/Tenant Protocol

SPS Letter to EG Supports Landlord/Tenant Protocol     Download the EG Article here >>

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Top Legal Minds Propose a Better Way to Manage Landlord Tenant Relations

Top Legal Minds Propose a Better Way to Manage Landlord Tenant Relations – SPS fully supports this protocol.   Download the Article here >>

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Estates Gazette Addresses Leasehold Liability Transfers

The Estates Gazette has published an article on leasehold liability transfers written by Howard Cooke and Adam Foster.  The article addresses the practicalities and history of these transfers along with…

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What our counterparties and clients say:

"The sale of Rentokil's surplus leasehold liabilities was an innovative transaction. Passing cash and some £35 million of long term liabilities over to a 3rd party was heavy with risk, and in these circumstances we were acutely aware that success could only be judged over the medium term. The project is all about delivering hard won surrenders, sub-lettings and dilapidation claims. The testament to the skills of SPS is that 90% of the liabilities have already been extinguished." Robert Bailey, In-sourced Property Director, Rentokil.

rentokil

"Reported (surplus) property provisions total £4 billion, which represents almost 9% of the total provision reported by (the top 200 companies in the FTSE Index). For those reporting a property provision this equates to 0.5% of turnover..." GVA Grimley, “The Impact of Property on UK Business”, Spring 2008

"This deal enables our Estates team to focus on our sizeable store portfolio where we are continually striving to deliver a great retail experience for our customers. We can now do this in the knowledge that the experts at SPS are aligned with our interest of driving redundant property costs out of our business." Charles McKendrick, Head of Asset Management, Morrisons Plc

morrisons

"Above all SPS provide insight and understanding to the somewhat arcane world of leasehold liabilities and other property related issues as well as offering solutions that have enabled us to transfer risk on a cost effective basis. I would strongly recommend their services to anyone trying to deal with the complicated or difficult liabilities." James Scott, Managing Director, RBS Equity Finance.

rbs

"This deal with SPS has, in a single transaction, enabled us to refocus our resources on our operational estate. We found SPS had exactly the right approach and experience to do the deal." Andrew Thexton-Pee, Senior Estates Surveyor, Carillion Plc

carillion

"This transaction is the fourth major leasehold liability transfer in the past 18 months and demonstrates how the market is continuing to mature. We are now seeing unprecedented levels of activity and expect further portfolios from both public and private sector occupiers to come to the market during the course of this year." Kevin Vickers, Partner, Cushman & Wakefield