Pricecheck has secured a five-year lease renewal for its 113,839 sq ft head office and distribution centre near Sheffield, a premises it moved into in 2016.
The wholesaler reported a 16% growth in turnover to £151.7m for the year ending April 2024, with operating profit margins increasing from 1.42% to 2.77% which the company is attributed to strong revenue increases combined with cost control measures and reduced bad debt.
A team from retail specialist law firm Gordons comprising commercial property partner, Sarah Ratcliffe, and head of property disputes, Paul Joyce, advised Pricecheck on the lease renewal negotiations.
Read more: Pricecheck reports 16% annual turnover growth
Commenting on the lease renewal, Pricecheck joint managing director, Mark Lythe, said: “This lease renewal was far from straightforward with three parties involved, including a previous tenant from whom we were subletting the premises. The team at Gordons helped us to navigate various issues and bring the matter to a successful conclusion within the required timeframe.”
Gordons’ Sarah Ratcliffe said: “Pricecheck is a fast growing business with significant ambitions, so it was essential for us to secure a new lease on the facilities to enable the company to further deliver its strategic growth plans. We had to work at pace within short time frames to conclude the negotiations with the landlord. We are very pleased with the positive outcome and look forward to seeing Pricecheck continue to expand nationally and internationally.”
