gazcos

iTrader: (1)

I,m 8 months into a lease on a shop and its just not stacking up. Its a fifteen year lease with a break clause every 5 years.Just to complicate matters the Landlords have just sold the unit to an investor and obviously they haven,t told him i,m struggling with the rent.
I,ve told the Landlord i want out hoping we might come to some financial agreement i.e a one off settlement figure but he just said he,d come back to me. I guess he,s just biding his time until the new Landlord can deal with it.
Does anyone have experience of ending a lease early and what happened?

Thanks Gaz

ECU Monitor Enthusiast

iTrader: (1)

Find someone else to take over the existing lease.

Dan@Rapid-Ford

iTrader: (5)

Ello,

I've seen your van about, sorry to hear its not working out.

I enquired when the Carnisor on the A5 when it was up for sale and thought the turnover was pretty low for such national company

leases are a costly nightmare - they might hold you to the rent until they can sell the lease or you might have to sell as a going concern

I got stung with my first enquiry into commercial property

cheers

gazcos

iTrader: (1)

The problem i,ve got is not with the business, theres a huge market for it in MK , its the location. We,ve put ourselfs on a small Retail development where there was supposed to be a takeaway and a supermarket but after 8 months i,m still the only one here. There is no passing trade so i,ve spent a fortune on local advertising which hasn,t really worked. The problem with Milton Keynes is that it doesn,t have a High Street or even one main road to put yourself on meaning that wherever you end up you,ll have to promote like mad.

Stoo

That's shit mate, hope it works out okay for you.

Have you tried a show day? There's a car place near me that wasn't all that busy but he held a show and shine competition, put on special offers, ect on a sunday and got a huge turnout, as far i know it's been busy ever since.. Good luck anyway, i hate to hear of companys struggling

gazcos

iTrader: (1)

No, its got to the stage where i either need to find someone who wants to take it on in its current location and pile some more cash into promoting it or move it to a new location.
If i cant do that then i,ll have to default on the lease.Anyone ever ended a lease early ?

dave green

Hi Gaz First thanks for that fax today. I owe you a favour Thanks,
A mate of mine ended his lease early in the units where I am so it can be done but I think a lot depends on your landlords as to how things pan out.

I think I would seek some legal advice, show them your terms of your lease so they can advise you correctly.

Hope you get it sorted. Very best of luck mate

Dave