This case study demonstrates the expertise of our Commercial Property & Development team who advised The Brakes Group on acquisitions and stamp duty land tax liability. The Brakes Group is the UK's leading supplier to the catering industry, with a group turnover exceeding £2 billion.
Their thorough understanding of caterer's needs is underpinned by fifty years experience and a passion for innovation, quality and service.
Thomson Snell and Passmore are delighted to have recently been appointed as Brakes' retained property lawyers. A key aspect of Thomson Snell & Passmore's advice for Brakes is considering the merits of any transaction from both a commercial and legal perspective. Providing practical legal advice early on in a transaction enables Brakes to structure any deal in the most effective possible way.We always try to suggest pragmatic commercial solutions. Below is an example of how we have provided valuable advice.
Recently Brakes took the strategic decision to purchase another competitor. This was crucial to Brakes in order to allow them to access a broader market share. One of the key issues with the implementation of the agreement reached between the parties concerned the treatment of the competitor's properties in the purchase agreement. For example, some properties were taken over by Brakes and others were taken on short underleases. The original restructuring involved a high charge to stamp duty land tax. By advising early on in the transaction about restructuring in an alternative way, we were able to substantially reduce the stamp duty Head Office land tax liability.
"The pragmatic input on this transaction from Thomson Snell & Passmore has enabled us to achieve strategic objectives in a commercial fashion. Thomson Snell & Passmore provided a high level of service and their assistance was vital." Adrian Whitehead, Company Secretary for Brake Bros Limited.