WSB helps tie up Poundstretcher store deal
INSIDER NEWS
13 February 2012
WSB Property Consultants has helped unearth a new tenant for 15 former UGO stores after the Grantham-based discount store group went into administration.
The property business was appointed by FutureExpress, a subsidiary of Danish supermarket company Dansk, to identify a new tenant after UGO called in administrators on 8 February.
WSB had managed the portfolio, situated across Nottinghamshire, Yorkshire, Lancashire and the North East, for the past 12 months. The stores were let to UGO and bought by FutureExpress as part of wider disposal of 47 stores that, pursuant to an agreement with the OFT, Asda had to make following its acquisition of Netto's 194 UK stores.
WSB said it was instructed by FutureExpress when it looked like the discount food retailer UGO would go in to administration.
According to the property consultancy, numerous expressions of interests were received for single stores and for parts of the portfolio but FutureExpress wanted to assign all leases to one company.
A total of six parties were identified and subsequently Poundstretcher was successful, securing all 15 stores and saving 252 jobs.
The deal was concluded in seven days with WSB and Walker Morris acting on behalf of FutureExpress.
