TRANSACTION COMPLETED IN AUGUST 2006

“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 were extinguished in a very short period of time.”

Robert Bailey, In-sourced Property Director, Rentokil.