Dragons Den require Landlord and Tenant Advice
A recent episode of Dragons Den saw applicants from Jollyday Luxury Campsite fail to secure funding for their established ‘glamping business’ as a result of possible misinformation regarding their business lease.
The glamping enthusiasts were impressing the dragons with their business proposals but failed to convince them that their investment would reap reward on a long term basis. In particular, Peter Jones was concerned that they had only secured a 15 year lease of premises upon which the new luxury lodges would be located, meaning that potentially their occupation could be terminated after the end of that 15 year period.
It was suggested that a 40 year lease would have been more appropriate however, this is of course of a much higher risk and almost unheard of particularly in recent markets.
However, the business owners could (and perhaps have!) secure their occupation beyond the initial 15 year period provided that the benefit of the protection of the Landlord and Tenant Act 1954 was not excluded when they originally took the Lease. Subject to certain exceptions, the LTA 1954 gives business owners the automatic right to renew their lease at the end of the term and therefore continue their business from premises within which they have often generated goodwill.
If you need any advice or assistance in relation to Landlord & Tenant matters please contact Bonnie Twiggs on 01707 387072.