Property Auditing | How Contractus enabled their client to surrender a lease on a tight deadline
The Client
A well-known high-street retailer with a large and constantly changing property portfolio.
Challenge
Our client wanted to surrender a lease on one of its stores and therefore needed to ensure that all of their obligations had been paid to date.
This reconciliation was time crucial. If the client missed the deadline, they would be locked into the lease for another 3 years. They required extra skills and manpower to meet the deadline.
Solution
Contractus worked their way through the client’s account, reconciling all transactions.
We kept in close communication with the client throughout, advising them of any unreconciled transactions.
Result
We were able to confirm that the lease obligation had indeed been met, and the client was able to exit the lease.
We were also able to recover £90,000 for duplicate rent payments and a further £60,000 for overpayments.
We also advised the client that they had un-claimed VAT on rent payments, enabling them to review their procedures to avoid this in future.
How can we help you?
Visit our auditing services page to learn more about how we can help you.
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