Finers gets in on Virgin property instruction

Finers Stephens Innocent has advised Virgin Entertain-ment on the property aspects of its disposal of 77 Our Price shops to a UK subsidiary of Australian company Brazin.
Around a further 20 Our Price shops are being sold elsewhere or rebranded as Virgin’s V shops. Of the 207 shops, all bar 97 have been rebranded. The sale enables Virgin to focus exclusively on its V shops and megastores.
Finers property partners Stephen Lewis and Nicola Kravitz advised Virgin on property matters. The process also involved granting a Virgin trademark licence to Brazin to use the Virgin name for retail purposes in Australia. In turn, Virgin has been issued with one and a half million warrants to subscribe for shares in Brazin.
Field Fisher Waterhouse property partner Simon Gibbs advised Brazin, and Ashurst Morris Crisp corporate partner Jeremy Sheldon and tax partner Patricia Allen acted for Virgin Entertainment.