INNES England has been awarded a new contract to handle the collection of property income by Lloydspharmacy.
The property consultant has been retained for a further three years as part of a competitive tender process to manage the collection of property income for more than 200 sites across the UK including ten properties in the East Midlands.
Lloydspharmacy is a leading community pharmacy and healthcare provider with 1,572 pharmacies across the UK. It employs around 17,000 staff and dispenses over 150 million prescription items every year.
The business previously undertook the rent collection work in-house and identified it as an area that could be outsourced to save costs and to free up resources for other priorities in the management of its property portfolio.
Martin Ebsworth, estates manager at Lloydspharmacy, said: “Innes England has delivered good results over the last three years on the asset management work, so we were happy to appoint the team for a further three years. The support that Innes England provides allows our in-house team to concentrate on our core business activities of proactively managing our UK-wide trading pharmacy property portfolio to meet our operational requirements.”
Innes England will collect rent and any other amounts falling due under Lloyspharmacy’s nationwide property portfolio.
Gary Woodward, director of Innes England’s Derby office where the majority of the work will be handled, said: “We have developed a strong working relationship with the estates team over the last three years and we are delighted to have been instructed on this work.”
Shelly Buxton, property administrator at Innes England, added: “The team has worked hard to get to know the ins and outs of the individual properties and the systems and processes are working well to maximise our client’s fund collection needs.”
Innes England’s management team works with over 150 clients, manages 1500 tenants, collects £15m in rent annually and administers £2m of service charges.