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Hospitality Property Agents - Restaurants Clubs & Bars

How best to structure the deal, a legal perspective.

The Hospitality team at Cubism Law decided it would be helpful to start a conversation with London based commercial property agents who work specifically with restaurants, clubs and bars in the hospitality sector.

Our main intention and focus was to identify and work on ways to speed up transactions, remove misunderstandings and generally create greater connections and understanding of each other’s respective positions. The idea of a collaborative approach rather than an on-demand or fire fighting style is much more appealing and conducive for transacting business.

We devised a workshop and called it “How best to structure the deal, a legal perspective”. It was subtitled “A workshop for agents presented by lawyers.”

The truth is we thought we would try something out and invite two or three of our friendly agents in and begin a dialogue. The news was spread through the London property agent network and on the evening we had close on 30 property agents in attendance at Cubism Laws office at 1 Plough Place.

The workshop focused mainly on Heads of Terms and what can be done to speed matters along and remove obstacles that can “kill” transactions.

Lively conversations took place and goodwill and a sense of humour prevailed! Both Catherine Payne and Harriet Collins were called on to contribute with specific expert knowledge on options to tax, capital allowances and pre-exchange searches.

Indeed at the finish of the workshop, we experienced some difficulty in dragging participants back into the boardroom for drinks as they were so deeply engaged in passionate conversation!!

We received great feedback, both on the workshop and constructive input on “what’s next” The format of the workshop allowed for open debate and an exchange of knowledge and experience. Ultimately what is important is the nurturing of stronger relationships and the building of better ways of transacting business that benefit all parties; the commercial property agents, the lawyers and most importantly the clients.

Feedback

What did you like?

  • An extremely relevant topic, thoroughly enjoyable & useful
  • Clear & concise
  • Capital allowances explanation template heads of terms, presentation was well delivered
  • Was informative, interactive and very well presented, kept it light but very relevant to what we need to know
  • Format, informal atmosphere, content, mix of speeches
  • Everything but especially the explanation of capital allowances
  • Agree we should work together
  • Openness and honesty
  • The laid back approach. The capital allowances bit
  • I felt it was useful hearing feedback and expectations from solicitors
  • Good, laid back atmosphere. Real life examples help to understand different scenarios. Very informative & well explained
  • Debate over improving flow of information among agents & solicitors. Main reasons stated for delaying deals
  • Very informative
  • Comfortable way in which the relevant points were put across
  • Heads of Terms info especially. Referring to foreign clients who don’t understand they are Not Legally Binding
  • Useful overview
  • Agents outlining their issues and then an explanation of how to overcome them
  • Conversational
  • Good to see the other side, what you have to do
  • Travelling through the difficulties of not obtaining information to be submitted with HOT, hearing the other side of the issue
  • Approachable, friendly, knowledgable
  • Very useful to hear from the solicitors perspective

 

What would you like more of?

  • More VAT & numbers info
  • More ways solicitors and agents can work together
  • Explanation of taxation & VAT
  • The SAME!, Hot topics and pit falls in deals and how to avoid them
  • Am interested in anything related to retail, F & B and leisure
  • Detailed heads of terms
  • More Lawyers like Cubism
  • Suggested remedies, alternatives
  • Regular updates on market & what we as agents can do to help
  • More information on the process post HOTS
  • Specific examples
  • Scenarios where deals fell apart/went very well
  • its all about communication! So more of that from both sides
  • Not just Hotel & Leisure, perhaps other types of agents to discuss other angles
  • Maybe a session with lots of solicitors from the industry, where we can talk about the problems we have whilst doing the deals
  • Hearing more of the matters required to ensure the deal is facilitated

Would you attend further sessions of a similar type?

  • A resounding yes from all that attended.

Companies that attended

  • Christie & Co
  • Nash Bond
  • Lewis Craig
  • Dean Gambles
  • Leaver Charles Granger
  • Lambert Smith Hampton
  • CDG Leisure
  • Restaurant Property
  • James Andrew
  • Colliers
  • Locate Retail
  • AG&G
  • The Work Place Company
  • Stephen & Matthews