CB Richard Ellis’ UK retail team has been appointed by the newly formed Barratts Priceless to advise on the renegotiation of 160 leases on stores bought from administrator Deloitte.
The Ziff family recently completed a rescue deal for part of the shoe group and buying around 160 stores from the administrator after a company voluntary arrangement (CVA) was rejected by landlords in late February.
CBRE will negotiate and agree lease terms with the current landlords, ranging from large property companies and financial institutions to private landlords on the portfolio of approximately 160 stores across Ireland and the UK.
Tony Devlin, a director in CB Richard Ellis’s retail team, said: ‘Our breadth and experience of the retail business gives us unrivalled knowledge to work with administrators called into handle the assets of a company that has fallen into difficult times. Our experience working with retailers and landlord leaves us well placed to advise on the restructuring of companies facing administration.’
Michael Ziff, chief executive t Barratts Priceless, said: ‘Following the rejection of the CVA proposals, we had to rapidly pull together a proposal to acquire elements of the businesses from Stylo. Having acquired 160 shops, we need to finalise the future rents and I am delighted that we will have the support of CBRE at this vital point in the new business’ future.’