Opening a Bakery, a new success for “The French Market”
Client: The French Market
Amaury, Alex, and Matthieu are three young successful entrepreneurs who have undertaken numerous projects in the past. Based in North London, they have successively created and developed the brands “Authentique” (restaurant/wine cellar), “The French Market”, and “The Tufnell Park Bakery”. As part of their efforts to expand The French Market, they approached French Touch Commercial to assist in their development and find new points of sale.
- Finding a location not too far from the production centre in North London.
- Operating within a tight budget.
- Identifying emerging neighbourhoods.
- Finalizing a lease assignment with all the complexities it entails.
French Touch Commercial was commissioned to find a new location for The French Market, a client with a well-defined action plan and specifications. Since the bakery of the group is located in Whetstone, we had to find premises within a 30-minute drive. Therefore, we started our search in North West London.
The second significant constraint was a very limited budget, ideally around £30,000 per year, which is quite a challenge in London. Lastly, it was essential to identify an up-and-coming neighbourhood with a population who would appreciate their products and possess the necessary purchasing power.
After visiting several places, we found premises located on Blackstock Road in Finsbury Park. However, there was a catch. The space had recently been taken over by the franchisee of a large group and, officially, it was no longer available. Further investigation revealed that this franchisee had had second thoughts and had not yet started renovation work. They were willing to transfer the lease in exchange for a premium payment.
This led to a lengthy negotiation process. Lease assignments are never straightforward transactions as they involve the landlord, the current tenant (the assignor), and the new entrant (the assignee), all of whom may have conflicting interests. There is also a legal process to adhere to, especially concerning the Authorized Guarantee Agreement (AGA), which took time to finalize.
However, the time devoted to this case was well worth it. Not only was the transaction successfully completed, but we also negotiated the complete waiver of the premium! The French Market has now acquired the desired premises, under budget and without having to pay any premium whatsoever!
Further evidence, if needed, of the added value provided by the services of French Touch Commercial.
The French Market 16 Blackstock Road, NW4 2DW