8Outdoor - Desperate times for the digital only contractor
After originally reporting that 8Outdoor had failed to meet their rental commitments for yet another quarter it has been reported by an industry source this week that their largest landlord, Insite group, had sent the bailiffs in and are owed more than £2m in arrears. It has also been noted that some screens had gone black and that could be due to unpaid power supplies. All-in-all worrying times for many landlords as a clear and robust strategy will be required if they do fail. Specifically, perceived 'assets' may become significant 'liabilities'.
I suggest that fellow valuers may be feeling rather nervous on the valuations issued on recent re-gearing.
Of course, 8Outdoor may be succesful in re-financing and the current struggles are nothing more than a technical blip but if you have 8Outdoor as a tenant, or indeed Insite, you should be contacting TTP right now to discuss the options as a strategy needs to be implimented sooner rather than later. Call tim Thomas, MRICS on 0845 370 1200