THE BRIEF
Client and location: Arthur Johnson and Sons Auctioneers at Nottingham Cattle Market, Meadow Lane
Sector: Auctioneering
Services provided: Professional Services: Lease Renewal
Challenge: Arthur Johnson and Sons Auctioneers, a historic Nottingham business established in 1888, faced the potential loss of their statutory right to a lease renewal due to ongoing redevelopment threats in the area. For over 50 years, they had operated at their iconic location in Nottingham’s Cattle Market, famous for its wrought iron gates adorned with the bull’s head. The company is deeply rooted in the local community, with live auctions attracting thousands of visitors each weekend to browse antiques, vintage furniture, and collectables.
The auction house has been synonymous with Nottingham’s Cattle Market for more than a century, and the potential loss of its premises would not only disrupt their business but also impact the cultural and commercial heritage of the area. The challenge was to navigate complex and prolonged negotiations to secure protected leases on favourable terms, ensuring the business could continue operating from its historic home, despite looming redevelopment pressures that had persisted for nearly 20 years.
Client Testimonial
“We’re immensely grateful to Innes England and Knights for their help – without them we would have risked losing our base in the Cattle Market, where we have been for more than a century. While we would have continued elsewhere, it would have been a sad day for the company and all its customers.“Now, with our home secured we can open a new chapter and look ahead to the future. We’ll begin by making changes and improvements that have been a long time in the making, which we’ll share with our customers in the coming months.”
Phil Poyser, Managing Director of Arthur Johnson and Sons Auctioneers
The Solution
Innes England collaborated closely with legal experts at Knights plc to secure the future of Arthur Johnson and Sons Auctioneers.
- Strategic lease negotiation: Innes England analysed the existing lease and assessed redevelopment risks to secure more favourable terms.
- Protected lease securing: Through a lengthy and challenging process, Innes England successfully negotiated a new pair of protected leases, ensuring the auction house could continue operations for at least another 10 years.
- Advisory on lease terms: Provided expert guidance on lease terms and conditions, focusing on long-term viability and safeguarding against future redevelopment pressures.
- Legal collaboration: Seamless teamwork between Innes England and Knights plc ensured that all legal and commercial aspects were meticulously addressed, protecting the auctioneers’ interests.
The Results
- Lease protection secured: The successful negotiation resulted in Arthur Johnson and Sons securing a pair of protected leases, allowing them to continue operations for at least another 10 years at their iconic Meadow Lane site.
- Enhanced lease terms: The new lease terms were more favourable to the auctioneers, enhancing protection from future liabilities whilst maintaining statutory protection and flexibility.
- Preservation of heritage: The agreement ensured that a vital part of Nottingham’s cultural and commercial heritage remains intact, with the auction house continuing to serve the local community.
- Community impact: By securing the auction house’s future, Innes England and Knights plc helped preserve a vital cultural tradition in Nottingham, ensuring that live auctions remain a cherished part of the local community.
Conclusion
Through strategic negotiation and expert legal collaboration, Innes England successfully safeguarded the future of Arthur Johnson and Sons Auctioneers at their historic Nottingham location. This outcome not only preserves a significant part of Nottingham’s cultural heritage, but also ensures that the auctioneers can continue to serve the local community for years to come. The seamless partnership between Innes England and Knights plc exemplifies the importance of combining local market knowledge with legal expertise to achieve lasting results for clients.
“As a Nottingham lad, I have been pleased to advise MD, Phil Poyser, over many years on property matters. It is particularly satisfying to have played a crucial role alongside Chris Barnes of Knights plc in securing the future of this business in its famous Nottingham home.”
Steve Holland, Head of Professional Services