London and Glasgow based audit and property adviser Capa has been instructed by Irisa Group to carry out a property audit on its portfolio, and to undertake lease and rent reduction negotiations with landlords.
Alexon Group, which was placed into administration in September 2011, was rebranded as Irisa Group after being purchased by private equity firm Sun European Partners.
Capa entered discussions with Landlords on behalf of Irisa to secure ongoing occupation of the retail stores formerly held by Alexon.
These discussions have resulted in securing significant rent savings. Around 20 of the weaker stores were closed in the process.
The retail chain specialises in the sale of classic tailored women’s fashions, and generated a turnover of approximately £136m.