Omobono Posted October 31, 2022 Share Posted October 31, 2022 they do have a significant amount of back office staff , and I think a lot of customers would be inconvenienced if the banking facilities were in Strand St , its impossible to park near there these days , 1 Quote Link to comment Share on other sites More sharing options...
Apple Posted October 31, 2022 Share Posted October 31, 2022 1 minute ago, Omobono said: they do have a significant amount of back office staff , and I think a lot of customers would be inconvenienced if the banking facilities were in Strand St , its impossible to park near there these days , It's not that convenient to park where it is. Presumably the new place will be just another empty shell like building like the IOM bank. Machines to do basic business and just a couple of staff to signpost and advise. Redundancies then presumably. Quote Link to comment Share on other sites More sharing options...
Banker Posted October 31, 2022 Share Posted October 31, 2022 Latest on the castletown gym saga, up for sale https://gef.im/2022/10/31/gym-for-sale/ Quote Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted October 31, 2022 Share Posted October 31, 2022 4 minutes ago, Banker said: Latest on the castletown gym saga, up for sale https://gef.im/2022/10/31/gym-for-sale/ Can anyone lend me a bargepole to not touch that deal with. 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted October 31, 2022 Share Posted October 31, 2022 1 minute ago, Dave Hedgehog said: Can anyone lend me a bargepole to not touch that deal with. How can they offer it with a long lease? Have they settled with the landlord? Or is there something other little twist that is not apparent? 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted October 31, 2022 Share Posted October 31, 2022 2 minutes ago, Gladys said: How can they offer it with a long lease? Have they settled with the landlord? Or is there something other little twist that is not apparent? Frankly it makes little sense. If it is so profitable, how come the previous tenants came to grief. Could it be the landlord that is selling it after seizing the assets (equipment) in settlement? The coffee shop share wouldn't really make sense if that were the case though, unless something very twisty going on. 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted October 31, 2022 Share Posted October 31, 2022 7 minutes ago, Gladys said: How can they offer it with a long lease? Have they settled with the landlord? Or is there something other little twist that is not apparent? Well it was previously said that there were only two years on the current lease, so presumably there's some agreement been reached with the landlord to extend as part of a wider settlement. The latter probably thinks that there's more likely to be more return from the property with a new tenant than leaving it empty and is also guaranteed some return from the sale of the business towards arrears etc. Quote Link to comment Share on other sites More sharing options...
Gladys Posted October 31, 2022 Share Posted October 31, 2022 Just now, Roger Mexico said: Well it was previously said that there were only two years on the current lease, so presumably there's some agreement been reached with the landlord to extend as part of a wider settlement. The latter probably thinks that there's more likely to be more return from the property with a new tenant than leaving it empty and is also guaranteed some return from the sale of the business towards arrears etc. Yes, I can see that, but as the landlord why would you give a longer lease to a tenant that was already in default? You would just give a longer lease to the new tenant who probably wouldn't want to buy the company with the debts. Unless part of the settlement was that the company was handed over to the landlord. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted October 31, 2022 Share Posted October 31, 2022 26 minutes ago, Dave Hedgehog said: Can anyone lend me a bargepole to not touch that deal with. “A 50% stake in Coffecraft Limited is also included by separate negotiation” I thought someone denied there was any connection in the thread above. Clearly there is. Quote Link to comment Share on other sites More sharing options...
John Wright Posted October 31, 2022 Share Posted October 31, 2022 My assumption would be that the landlord has recognised he can’t get blood out of a stone, that second hand gym equipment isn’t worth much on its own, and that it’s better to cooperate with the tenant to sell as a fitted out gym, with equipment, and a book of customers. That way the tenant/gym business owner may get something, rather than nothing. On the other hand it’s only the gym business owner who has listed. Nothing from the landlord. Could be just clutching at straws. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 31, 2022 Share Posted October 31, 2022 2 hours ago, thommo2010 said: HSBC putting in a planning application for where monsoon is currently located so looks like another business going Well I was right about the move to Strand Street, just the wrong property! Given Doug B owns HSBC House, I imagine they want to distance themselves. 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted October 31, 2022 Share Posted October 31, 2022 3 minutes ago, Gladys said: Yes, I can see that, but as the landlord why would you give a longer lease to a tenant that was already in default? You would just give a longer lease to the new tenant who probably wouldn't want to buy the company with the debts. Unless part of the settlement was that the company was handed over to the landlord. It's chicken and egg, no new tenant is going to want to buy the business with only a couple of years guaranteed use on it (some of the earnings are from sub-leases, so it's not even as if moving elsewhere will be without loss). The longer lease will only be available to a new tenant as relations have clearly broken down with the old one. But obviously any sane buyer of the business is going to treble-check everything with the landlord in writing. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted October 31, 2022 Share Posted October 31, 2022 (edited) 1 hour ago, Roger Mexico said: It's chicken and egg, no new tenant is going to want to buy the business with only a couple of years guaranteed use on it (some of the earnings are from sub-leases, so it's not even as if moving elsewhere will be without loss). The longer lease will only be available to a new tenant as relations have clearly broken down with the old one. But obviously any sane buyer of the business is going to treble-check everything with the landlord in writing. The business was for sale a few years ago. A friend of mine looked at it at the time. I’m not sure anyone wants to be long term committed to that lease to be fair. Edited October 31, 2022 by offshoremanxman Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 31, 2022 Share Posted October 31, 2022 Was bodycraft not meant to be somehow involved with taking over the operating of Castletown Pool/fitness or whatever? 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted October 31, 2022 Share Posted October 31, 2022 58 minutes ago, offshoremanxman said: The business was for sale a few years ago. A friend of mine looked at it at the time. I’m not sure anyone wants to be long term committed to that lease to be fair. Quite. Presumably the extension will have to be more realistic than is rumoured the current situation is. Quote Link to comment Share on other sites More sharing options...
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