Prime Retail have been appointed by PwC to advize on the Phone 4u property portfolio. Their role will be to assist the joint administrators’ team at PwC to realize value from the remaining leasehold estate of 362 stores that have been forced to shut.
PwC have agreed two package deals with Vodafone and EE for a total of 198 stores in the past week.
Rob Hunt, joint administrator and PwC partner said: “It is with much regret that we have today made the difficult decision to close a large number of stores.”
Jonathan Haigh, real estate director at PWC, said: “The joint administrators have worked tirelessly to try to do deals that would preserve values and preserve jobs. The agent’s role is to help us realize best value from the portfolio. Our instructions have been to entertain all interest, at least initially, so we can see what we’ve got. We will then review what’s possible.”
Haigh said there had been “quite a high level of contact from prospective occupiers and from landlords who have been intrigued to know whether or not their stores have been included in portfolio deals that have already been announced and implications for those that are not on the list”.
Source: Prime Retail