Store Closure? A financial audit can help you discover if you have any credits due to you!
Many believe that a store closure marks the end of potential financial recovery. But that is not always the case. Even when you are shutting down multiple stores, there are valuable opportunities to recover historic overpayments.
Whether you have terminated leases or are in the process of vacating premises, it is wise to review your historical transactions to make sure that you are not leaving behind any outstanding amounts owed to you. Moreover, it is crucial to recognise that you may still be legally entitled to recover any outstanding amounts even when a lease is terminated due to store closure.
How do historic overpayments occur?
Landlords and Managing agents, as well as lease terms, can change many times during the lifetime of an active retail store. This increases the possibility of duplicate payments during transition periods, overpayments due to regular payment confusions, or exceeding caps (on services for example), resulting in a credit balance on the account that you weren’t aware of.
Store closures do not always happen on ‘end of tenancy’ dates, which can sometimes result in paying for a full month or quarter instead of a specific number of days. This often happens in cases where regular payment terms have previously been agreed with banks.
What can we do about it?
Our expert recovery audit process is designed to help you identify, communicate and recover these funds, ensuring that you maximise your financial returns even during store closures. Our processes include, but are not limited to, the following:
Ensuring the lease has been utilised to its full potential and all benefits, including any capital contributions that may have been missed through the initial lease signing, have been recovered.
Checking rents, service charges, insurance and any other fees to ensure no overpayments have been made and any credits are utilised.
Working with liquidators to ensure that correct dates and break clauses are adhered to and making sure any lease terms and conditions have been met.
Working alongside solicitors to effectively manage and check the accounts through Completion Statements, so that no overpayments are made.
Written by Senior Auditor
How can we help you?
Visit our property services page to learn more about how we can help you.
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