Solihull’s Cooks the Bakery has completed the acquisition of 120 leasehold stores from the administrators of Three Cooks.
The leasehold agreements mark the final stage in the transfer of the Three Cooks business to Cooks the Bakery, after it bought the business and trade of the firm from administra- tor Tenon Recovery in Novem- ber 2006.
Property consultant Colliers CRE has led leasehold negotiations with the landlords of the 120 shops on behalf of Cooks. Colliers consultant Andrew Tunney told British Baker that, in many cases, improved leasehold terms have been agreed. "For example, if there were two years left on a lease, we said to the landlords, ’Why not do a new, 10-year lease?’"
=== Cooks the Bakery timeline ===
November 2006: Three Cooks, which has 158 shops, goes into administration. A team of former managers, including chairman Geoff Peppiatt, buy the business and trade of 121 shops from administrators Tenon Recovery, renaming the business Cooks the Bakery.
Leasehold negotiations begin with landlords. New-look Cooks fascia rolled out to shops
August 2007: Peppiatt tells British Baker the roll-out of the Cooks fascia has been put on hold
May 2008: Purchase of 120 leases complete