The retail property services team at Spearing Waite LLP advised Brantano Retail Limited, an entity backed by Alteri Europe on its acquisition of a prime leasehold property portfolio consisting of 140 retail shops and concessions across the UK.
The acquisition process was completed by Spearing Waite within 12 months of receipt of instructions.
Alteri is a special situations investor in the European retail sector, principally the UK, Germany and Benelux. The fund’s management team is highly experienced in retail restructuring with an impressive track record of deals across the European retail sector. They are backed by Apollo Global Management, LLC, one of the world’s leading alternative investors. The result is a powerful combination of deep retail restructuring expertise and financial firepower.
This transaction represented Alteri’s first investment in stressed and distressed retail organisations within the UK.
By way of background, Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed Joint Administrators of Brantano (UK) Limited. Approximately 2000 jobs were at risk if a significant portion of the business could not be sold to a willing purchaser.
Within weeks of the Joint Administrators’ appointment, PwC sold Brantano to an entity associated with Alteri Europe, which comprised common director David Short and shareholder Outersole Holdings Limited. The successful acquisition preserved 1,372 jobs, as well as 140 trading shops and concessions.
Spearing Waite’s team was led by Real Estate partner Satpaul Dard, who was assisted by Real Estate Dispute Resolution partner Michael Lawrence, assistants Hannah Carter, Amanda Rogowska, Louise Smith and Chloe Frances.
The team worked closely with Alteri, Simon Morris and his team at GWC (the appointed retail agents for Alteri) and Eversheds (solicitors to PwC) with strategic advice throughout the whole process. Spearing Waite’s expertise and proactive approach guaranteed a smooth negotiation process with c100 institutional landlords across the UK resulting in a timely acquisition of a large complicated estate, including the relocation of the head office.
The successful acquisition allowed the business to progress a number of streamlining plans which included rent reductions, more favourable lease re-gearing terms, relocations, a new website, logistics outsourcing and the introduction of a new concession concept.