WSB acts on discount store deal
THE BUSINESS DESK.COM
13 February 2012
By Ian Briggs - Editor, Yorkshire
WSB Property Consultants has helped FutureExpress identify a new tenant for 15 former UGO stores.
Discount store group UGO went into administration earlier this month. Danish company Dansk is the parent company of FutureExpress.
The stores are situated across Yorkshire, Nottinghamshire, Lancashire and the North East.
WSB has managed the portfolio of 15 stores for the past 12 months which were let to UGO Stores and bought by FutureExpress as part of a wider divestment of 47 stores that supermarket chain Asda disposed of following its acquisition of Netto's 194 UK stores as part of the agreement with the OFT.
Leeds-based WSB said numerous expressions of interests were received for single stores and for parts of the
portfolio but acording to WSB, FutureExpress wanted to assign all leases to one company.
WSB said six parties were identified and subsequently Poundstretcher was successful, securing all 15 stores and saving 252 jobs.
The deal was concluded in a week with WSB and Walker Morris acting on behalf of FutureExpress.
