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 Solutions (“SPS”), an expert in legacy liability disposal. The 16 pubs and nightclubs have a total liability of over £42 million and many are on long leases. This Whitbread transaction follows leasehold liabilities transfers carried out by Rentokil, EMAP, Santander, Virgin Media, Wolseley, Carillion, and Morrisons, amongst others.
The deal was brokered by Fraser CRE, a specialist provider of outsourced surplus property services to the corporate occupier. Tim Malthouse, Chairman, said “we are focused on saving our clients money in all areas of their portfolio and based on a solid decade of leasehold liability transactions bringing great results, we are delighted to have been able to pair up Whitbread with Surplus Property Solutions. This should be a transaction that benefits both parties”.
Adam Foster, Director of SPS commented, “We are confident that we will be able to get these liabilities away for Whitbread, as we have done for numerous other proactive blue chip counterparties, and in doing so help them clean up their balance sheet and continue to focus on their core property business”.