Thursday 18 June 2015

Breakthrough On Sale Of Businesses

QVM's decision to limit SL license renewals to one year raised problems for traders wishing to sell their businesses but it would appear a solution is at hand.

QVM were looking to maintain flexibility within the trader group as we head into renewal but a one year license was unlikely to attract stall buyers if a trader wanted to sell in the meantime. CEO Jan Cochrane-Harry had previously advised that every case would be examined individually.

One PE Trader had a buyer for his stall but the one year license was a stumbling block. He became a test case for examining how to make it possible for normal business sales to continue during a renewal phase. Retail Property Manager, Marina Levitsky, has written to us this week confirming that QVM have now received legal advice that will enable the offer of a 3 year license to the potential buyer. Each case will be considered on its own merits.

This could be good news for traders who are considering the sale of their businesses.