Cradick Retail has long been active in the convenience food store market and as a result has developed an in depth knowledge of this sector which few are able to rival.
Cradick Retail has long been active in the convenience food store market and as a result has developed an in depth knowledge of this sector which few are able to rival. We first became aware of this particular opportunity when the Woolworth Group went into administration, but at that time it seemed most likely that the premises would be dealt with by the administrators as part of a larger portfolio sale to a discount retailer.
Cradick Retail agreed to closely monitor this situation on behalf of Tesco Stores Ltd on the basis that we believed it to be an ideally located town centre convenience site.
Midway through 2009, we became aware that there was a good chance that the store could now be acquired on the basis of a new lease directly from the freeholder and at this point we advised Tesco that we should make a proposal on their behalf.
Terms were quickly agreed for an acquisition and solicitors instructed.
In the meantime, Cradick Retail had also identified that the Local Authority were undertaking a number of highway improvements to the area and this raised a potentially serious problem with deliveries to the store. To resolve this issue, Cradick Retail liaised with specialist consultants who discussed the issue with the Local Authority. Cradick Retail then ensured that the solution to the delivery problem was documented by the solicitors as part of the overall transaction.
The store opened for trade early in 2010.