Denton Wilde Sapte (DWS) has turned down a substantial offer, believed to be in the region of £6m, to relinquish the right to terminate the lease on its Fleet Place premises.
It is understood that the firm rejected the offer, made by its Fleet Street landlord British Land, in order to retain flexibility over its property portfolio. Significantly, among the key considerations was the prospect of growth through bolt-ons or potential mergers in the coming years.
Morris told The Lawyer: “Keeping our options open and turning down a significant amount of money is a vote of confidence for the future.”The option to terminate the Fleet Place lease comes up in just under four years.
DWS’s management knocked back the proposal last December, with the support of the partnership. The decision was taken before the December chief executive elections, but the current head Howard Morris also endorses the decision.
The extra funds would have provided a short-term fillip for the DWS partners, with the firm reportedly bracing itself for a profit slide this year.