We were approached by leading developer to deal with the negotiation of the sale of a development site that had just received planning. The special purpose vehicle that held the asset also had significant trading losses and loans from Directors. The bank debt exceeds value of the asset at the time by £1 Million.

Our brief:

Following lengthy negotiations with the Bank and numerous offers and attempts from third parties to secure the asset, we were successful in obtaining a lockout agreement at a fixed amount that secured the control of the asset. From here, we made sure that all conditions of the contract were fulfilled. We then with the assistance of agents secured a joint Venture partner offer involving payment now and an overidge provision at a later date. We negotiated again and with assistance from the company lawyers, we agreed on a contract on deliverable terms. We then made sure that all conditions were delivered in accordance with the contract. During this period we dealt with the removal of the Company from the Group and its existing loans with shareholders control.We dealt with the project through to full completion with the client seeing a substantial return.