hitchcock & king, stanwell road, ashford, surrey tw15 3dx - Wilkinson ...

RETAIL WAREHOUSE INVESTMENT SALEASSET MANAGEMENT POTENTIALThere are potential asset management initiatives on thesubject property, in the longer term as follows.Ashford currently lacks a main foodstore with there onlybeing a small Sainsbury’s Local and Londis store in the town,located on the High Street. There has been foodstore interestin the subject property for both the whole site and for asubdivision of the unit, for a store of circa 13,000 sq ft.B&Q have also expressed interest in the past, having beenaware that this was one of Focus’ top performing stores, andwe believe they would also be a keen occupier for the unit.TENANT COVENANTHitchcock & King Limited are a London based builders merchants who have been in existence for almost 40 years andoperate out of 9 units most of which are owned freehold. The company remains privately owned and family run.The company has a 2A1 D&B rating with a minimum risk of business failure. We set out below a summary of their mostrecent company accounts:ASSET MANAGEMENT POTENTIALTENANT COVENANTYear to 31/03/2012 Year to 31/03/2011 Year to 31/03/2010Turnover £12,760,403 £10,510,827 £8,070,782Pre Tax Profit / Loss £140,199 £576,807 – £33,504Tangible Net Worth £4,400,238 £4,425,840 £4,023,723The lease is guaranteed by both H&K Holdings Limited and Hitchcock & King Properties Limited which have a D&B rating of2A2 and 1A1 respectivley. H&K Holdings Limited are the parent company for both Hitchcock & King Properties Limited andHitchcock & King Limted. We set out below a summary of the respective company accounts.H&K Holdings LimitedYear to 31/03/2012 Year to 31/03/2011 Year to 31/03/2010Turnover £12,760,403 £10,525,342 £8,199,525Pre Tax Profit / Loss -£275,027 -£1,538,999 -£16,819Tangible Net Worth £5,281,916 £3,594,211 £5,309,605Hitchcock & King Properties LtdYear to 31/03/2012 Year to 31/03/2011 Year to 31/03/2010Turnover n/a £14,515 n/aPre Tax Profit / Loss n/a -£2,115,804 n/aTangible Net Worth £882,766 £1,297,804 £3,415,314