Sales Process

The preference is to sell the site on an unconditional basis with the Purchaser assuming full responsibility in respect of the ground conditions. As highlighted previously and subject to the exclusions identified, the Site will be cleared to slab level, with vacant possession due to be delivered by the end of the year.

A two-stage sale process is being adopted:

Stage One – Expressions of Interest

Interested parties have submitted an Expression of Interest for the site alongside a signed copy of the Non-Disclosure Agreement (NDA) provided.

Any parties who have not provided the requested information and/or were unwilling to enter into the NDA will not be granted access to the detailed due diligence information available on the data room, and any subsequent financial proposal will therefore not be considered.

Stage Two – Submission of Financial Proposal via Informal Tender

Following Expressions of Interest, shortlisted parties have been granted access to the data room containing legal and technical due diligence material. This comprises reports, plans and statements, including but not limited to, title, ground conditions, ecology, site services, highways, planning and demolition.

Each party will be given equal opportunity to review the information within the data room, inspect the site along with their consultants and meet KPMG and their representatives to ask questions.

Inspection days are being held, subject to request, during the course of the following weeks:

  • Week commencing 23rd July 2018
  • Week commencing 6th August 2018

Shortlisted parties will be asked to submit their best bids, based upon all information provided, by Midday on Monday 17th September 2018. Further details of the tender requirements for bids will be provided at the time. It is the Administrator’s preference to secure a straightforward unconditional sale.

JLL, on behalf of the Administrator, is likely to conduct interviews before negotiating and agreeing Heads of Terms for the sale with the preferred bidder.

VAT

We understand the Site has been elected for VAT purposes.

Capital Allowances

We understand there are no unclaimed capital allowances available to the purchaser, as any allowances crystallised were upon the company ceasing to trade.

Liability

All representations warranties and conditions express or implied in relation to the sale of the Property are expressly excluded including warranties and conditions as to title, quiet possession and description. The Buyer agrees that the terms and conditions of the sale of the Property and the exclusions are fair and reasonable in the context of a sale of Property and assets by a company in administration considering that:

  • the Joint Administrators have specifically told the Buyer that the Buyer must rely entirely on the Buyer’s own opinion and/or professional advice about the Property;
  • the Buyer has and has informed the Joint Administrators that it has available to it (either internally or externally) skilled professional advice concerning the Property and that it is based on that advice the Buyer has agreed to buy the Property on an “as is” basis and;
  • the Buyer and its employees agents representatives and advisers have been given every opportunity they may wish to examine and inspect the Property.

Neither the Joint Administrators, nor their firm, members, partners, employees, advisers, representatives or agents shall incur any personal liability whatever in relation to the sale of the Property, any associated arrangements or negotiations or under any contracts.

For the avoidance of doubt, we confirm that the Administrator is not obliged to accept the highest, or indeed any offer received.