National law firm Browne Jacobson has advised long standing retail client, Wilko on the sale and leaseback of its Nottinghamshire distribution centre in Worksop to logistics specialist DHL for £48m.
The deal is part of a 15-year partnership agreement with DHL and will give the everyday household and garden retail giant the opportunity to release capital for its future investment plans including, improving its proposition and its consumer experience across all of its 402 stores and its digital channel.
Family-owned business Wilko started as a hardware store in 1930 and provides its customers with simple, affordable and reliable products and tools for home and garden improvements.
DHL was founded in 1969 and is considered the world’s leading logistics business, employing over 380,000 people across 220 countries.
The deal was run by Browne Jacobson retail property partner, Sarah Parkinson and assisted by senior partner, Caroline Green, leading a team on the commercial legal aspects.
Sarah Parkinson said: “This partnering between a fantastic value retail brand and an excellent logistics business presents multiple mutual benefits including scale in property and warehousing. “As always, Wilko has its family customers at the heart of what it does, so this move means they are even more committed to meeting rapidly evolving customer demands.
“We are delighted to have supported this collaboration and helped Wilko with its revised strategy.”
Wilko Chief Executive Office, Jerome Saint-Marc added: “It’s standard business practice to constantly review how we manage our finances. This property deal with DHL represents long-term stability for us and our team members and is the right response to the current market conditions and our priorities.
“We’re making smart choices to trade a business and allow us to continue to invest in our long-term transformational strategy. Wilko remains family owned and continues to focus on helping hard working families to be the best that they can be, delivering great value products to our customers.”
Wilko Group Development Director, James Dorling added: “I would also like to extend my thanks to Sarah and Caroline who worked tirelessly with us on this important deal. Having worked with them for many years, they truly understand the wilko DNA and our aspirations. As usual, the advice they provided was strategically sound and their knowledge of the ever-changing retail market was spot on, which meant all parties achieved the right outcome.”
Browne Jacobson’s national retail, leisure and logistics lawyers work with many house-hold name brands that cut across various sectors including fashion and beauty, logistics, retail, sports and leisure, restaurants bars and hotels. The practice is ranked by independent legal directory, Chambers & Partners and advises on all areas of law including advertising and marketing, construction, data protection, commercial contracts, employment, intellectual property, IT and outsourcing, corporate finance and real estate.
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Browne Jacobson’s retail lawyers advise Wilko on its strategic £48m sale and leaseback of Nottinghamshire distribution centre to DHL
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