What was our brief?
We were instructed by Subway Realty Limited to act for them in the West Midlands in taking leases of new stores. As this is a franchised business we had to liaise with the franchisee as well as Subway’s Development Agent for the West Midlands and complete standard underlease documentation with the franchisee. We were asked to work with a fixed fee arrangement and to push through the acquisitions as quickly as possible.
What did we do?
Given the Subway’s© chains need to complete the store acquisitions quickly and within a fixed fee and the need to reduce learning time:-
- we set up a small client service team
- we prepared standard letters, documentation and lease clauses
- a Subway© chain manual was prepared containing standard procedures and methods of working.
- we set up regular meetings with the Development Agent
What were the results?
We have been able to complete 60transactions to date since our first instruction in June 2006. The average time taken from instruction to completion has reduced.
Subway© Development Agent for the West Midlands Dave Kelsey said:
“I am very pleased with the service Anthony Collins is providing. They have a dedicated Subway© team in place for the transactional work and are helping me to meet my store opening targets”.