Accessorize to remain open following 'turnover-based' lease agreement

Tuesday 15 June 2021

A new lease agreement has been finalised for Accessorize that will allow the popular High Street store to continue trading.

The clothing and accessories chain that owns Monsoon and Accessorize went into administration last July, with lockdowns across the British Isles being cited as the main cause.

Channel Islands stores were among those saved after the company's founder Peter Simon used £15million of his own cash to keep the businesses going.

Mourant Associate Laura Bougourd was instructed to negotiate a turnover-based agreement. She was supported by the law firm's Guernsey Commercial Real Estate team. 

Pictured top: Associate Laura Bougourd said similar negotiations had been conducted on behalf of Monsoon.

"We worked hard to negotiate a new lease for the Accessorize store in St Peter Port, which will benefit our wider town centre and island community," said Ms Bougourd. 

"This deal follows a similar agreement negotiated on behalf of Monsoon which occupies premises further down the High Street. 

"By using the existing form of lease, and following the negotiations conducted on behalf of Monsoon, we were able to successfully agree aspects of the lease to ensure that the store could continue trading from its familiar premises.

"The new lease also includes a turnover rent which is still relatively new for the Guernsey High Street."

Pictured top: Guernsey's Accessorize is no longer in danger of closure.