DX Group Plc has reached an agreement with the administrator of Tuffnells over the running of its UK logistics sites. Urban Logistics REIT (SHED) has 12 sites let to Tuffnells, which fell into administration earlier this month.
Nine of the 12 leases, which in total account for 3.3% of SHED’s income, will eventually be transferred to the London-listed logistics company DX on the same terms. The three smaller units (representing 0.45% of the rent roll) are being actively marketed, the company said.
DX has signed an agreement with Interpath Advisory, the administrator of Tuffnells, for an initial licence-to-occupy the former Tuffnells sites. The initial licences are a precursor to entering into direct lease agreements.
DX has hired over 250 former employees of Tuffnells since the administrator was appointed.
The company has also engaged with former customers of Tuffnells to provide continuity in delivery solutions and, so far, has taken on over 550 customers on mutually agreeable commercial terms.
Speaking last week at its analyst presentation following publications of its results, SHED chief executive Richard Moffitt said the quality of the former Tuffnells sites gave him confidence that a quick resolution would be found.
SHED : New operator takes over Tuffnells leases at Urban Logistics REIT sites