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.