04 November, 2021
Forbes Solicitors has advised on the purchase of a renowned Blackburn restaurant property as part of a local entrepreneur's plans for investing £10million across Lancashire.
The law firm's commercial property team supported the purchase of the land that's home to The Clog & Billycock in Pleasington, which was bought for an undisclosed cash sum by the Zedex Group.
Headed up by self-made property investor Ziafat Ali, the Zedex Group owns a portfolio of commercial and residential properties across Lancashire and has earmarked £10million of funds for further investment over the next 18 months.
Ziafat Ali, Founder and CEO at the Zedex Group, comments: "There was a lot of interest in this property, and we're exceptionally pleased to have added it to Zedex's growing portfolio. The restaurant is in a prime location and trades particularly well. The property was always going to attract a lot of interest and it was important that we were well prepared and primed to act decisively and quickly.
"Forbes Solicitors provided timely legal expertise and an excellent knowledge of the local market. This was important in helping us move forward quickly, and with confidence, to secure the type of property we're keen to invest more in, as we expand and diversify our property portfolio."
The one-acre Clog & Billycock site becomes the first restaurant in Zedex Group's portfolio, which also includes industrial, offices, retail and social housing assets.
Existing lease agreements for The Clog and Billycock will be honoured as part of the property purchase, with the restaurant's trading unaffected by the change in the property's ownership.
Ziafat Ali concludes: "This property purchase is representative of the types of investments that we're looking at across the region. The popularity and success of the existing restaurant business backed by a strong covenant and the most prestigious residential locations in Lancashire, it's an investment with sustainable long-term potential.
"Zedex Group has gone from strength-to-strength in recent years, and we'll continue to enhance our resilience and performance by expanding the sectors and places in which we invest. Reliable legal advice and a law firm that works closely together with us, such as Forbes Solicitors, will support us in realising our investment ambitions."
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