SPACEANDPEOPLE, the retail and promotional space manager saw shares climb more than four per cent yesterday after it secured a new contract with British Land.
The deal will see SpaceandPeople manage the company’s portfolio of outdoor public spaces across London, all of which are located within high-profile commercial developments.
Since signing an exclusive contract with British Land in 2015, Glasgow-based SpaceandPeople has managed promotional space across the group’s shopping centre and outdoor shopping parks, which includes Sheffield’s 1.5 million sq ft Meadowhall Centre.
The move comes weeks after SpaceandPeople told investors it expects pre-tax profits for 2017 to pass £1.1 million – reversing a £225,000 pre-tax loss last year, which came as a result of falling revenue and rising costs.
Matthew Bending, SpaceandPeople chief executive, said: “This is a significant endorsement of SpaceandPeople, with a major client choosing to extend their relationship with us to include a number of the most prominent public spaces in London.”
British Land is a real estate investment trust which has £19 billion of assets under management, including 19 million square feet of retail and leisure space.
Its retail spaces include The Fort in Glasgow and Fort Kinnaird in Edinburgh.
The outdoor venues included in the new deal include Broadgate in the City, Paddington Central and Regent’s Place.
In a positive start to 2017, SpaceandPeople also concluded renegotiating the terms of the German retail division’s contract with commercial property firm ECE.
The resulting reduction in rental costs in 2017 means that this contract will now trade more profitably than had been anticipated previously.
The company’s performance has markedly improved since Mr Bending conceded that 2016 was an “awful year” for the business.
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