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"We have involved the CAPA team on both the Jessops and Phones4U administrations where they have brought to bear their skills and experience to generate significant additional recoveries for the stakeholders, a great result in both cases."
"I was interested in CAPA's point of difference, in that it works for tenants only. In completing 390 landlord negotiations I would say that CAPA's performance has been excellent, with very good results achieved."
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The Property team at CAPA is fast approaching a 30% rent saving for American Golf, the specialist sports retailer, after negotiating with landlords to agree new lease terms.
The team have also secured shorter, more palatable leases, and are 90% of the way through transferring 120 stores from the previous company, which is in administration, to the new company owned by turnaround investor Endless.
CAPA was initially retained by Endless to negotiate with American Golf’s landlords in 2018, after Endless purchased the retailer from administrators at Deloitte.
The retailer’s estate comprises a mixture of on-course stores, retail park locations and standalone A-road sites.
CAPA has successfully terminated all 14 UK leases held by Crabtree & Evelyn, the luxury bath products retailer, after agreeing landlord surrenders.
Consensual negotiations were held between CAPA’s Property team and the likes of Land Securities, Aviva, Grosvenor and British Land over three months.
The average surrender penalty payment was lower than 12 months’ rent and included arrears, dilapidations and landlord’s professional/legal costs. Throughout 2019, Crabtree & Evelyn has been closing stores in the UK as it moves online.
CAPA is accelerating negotiations with landlords of properties occupied by Go Mobile, the smartphone retailer, to rebase rents and secure consensual exits on leases.
CAPA’s Property team is now on track to agree consensual exits on 20 leases and a rebase of rents on a further 32 across the estate.
To date, the average surrender penalty paid to landlords has been three months’ rent, which includes dilapidations and landlords’ costs.
CAPA is delighted to be sponsoring the Turnaround, Restructuring & Insolvency (TRI) Awards for the 8th consecutive year, organised by Shard Financial Media.
The TRI Awards has for 11 years championed the firms, teams and individuals who are beacons of best practice in the field of business turnaround, corporate restructuring, corporate insolvency and the funding of business recovery. The independent awards panel comprises restructuring professionals from the UK’s largest banks, turnaround practitioners, insolvency practitioners, funders, regulators and the country’s foremost legal experts.