Wragges leads as Morrisons secures Blockbuster administration store deal
Wragge & Co has advised Morrisons on its purchase of 49 Blockbuster stores from the administrators of the collapsed DVD and video games rental company. The properties, earmarked as part of the supermarket's expansion of its Morrisons M local convenience estate, follows the acquisition of seven stores formerly owned by another retailer in administration - camera store Jessops.
February 18, 2013 at 06:55 AM
2 minute read
Wragge & Co has advised Morrisons on its purchase of 49 Blockbuster stores from the administrators of the collapsed DVD and video games rental company.
The properties, earmarked as part of the supermarket's expansion of its Morrisons M local convenience estate, follows the acquisition of seven stores formerly owned by another retailer in administration – camera store Jessops.
Morrisons said the purchase – the value of which was undisclosed – would give it "quick access to a significant number of high street and neighbourhood locations across the country, particularly in South East England", with many launches earmarked for the end of summer.
Wragges advised long-term client Morrisons on the deal with a team led by real estate partner Jack Jacovou. Last year Jacovou also headed a Wragges team which advised Vodafone on property issues as part of the telecoms giant's joint UK venture with Telefonica.
The UK firm also recently advised the supermarket chain on its introduction of a pension scheme for its employees, with Wragges partner Richard Lee and associates Liz Wood and Joanne Tibbott leading.
Blockbuster announced last month it was entering into administration, with the lead legal role going to CMS Cameron McKenna.
The CMS team, which is advising both Blockbuster and administrators Deloitte, is being led by banking and finance head Rita Lowe and corporate recovery and restructuring partner Ashley Smith, alongside real estate partner Pranai Karia, who advised on the Morrisons transaction.
Commenting on the deal, Deloitte administrator Lee Manning said: "This group of stores forms a proportion of the Blockbuster package announced for closure earlier this week and is expected to be the first of a number of group and individual store transactions to arise from the Blockbuster portfolio given the significant levels of occupier interest for many of the assets."
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