Industry:
Light Industrial/Manufacturing
Size of firm (no of employees, turnover):
10 - 15 employees - turnover £1.5million
How the deal came about:
A referral from the client's lender.
What problem did client want us to resolve:
The client was seeking to purchase new commercial premises requiring a transfer of the main manufacturing base to a new industrial unit in Mansfield. The firm was recommended by the client's lenders who were keen to see a quality commercial firm dealing with the property paperwork. Difficulties arose during the transaction, indicating that the property did not meet current building standards.
How did we go about resolving problem and outcome:
Practical solutions were put forward with regards to insurance policies and site inspections and surveys. When these could not be resolved, the clients were advised not to proceed with the transaction.
Any particular issues highlighted by the case:
The importance of getting legal advice in relation to commercial property transactions. Also highlights the importance of receiving advice not to proceed when this is appropriate saving the client a costly move and potential future problems of the business.
