Dear SBMTA Members,

Yoo Capital has not yet submitted their Shepherd’s Bush Market planning application to the Hammersmith & Fulham Council, and therefore it has not yet been established as to what Yoo Capital may be precisely proposing to do.
 
Yoo Capital’s wishes to significantly alter the ‘Rent Review’, and ‘Service Charge’ terms & conditions of the leases may threaten the affordable environment of Shepherd’s Bush Market by 2029, and subsequently may greatly impair the long-term prospects of those businesses who hope to remain in Shepherd’s Bush Market.
 
The SBMTA has received several enquiries from our members, regarding Yoo Capital’s insistence for market tenants to meet with Yoo Capital and provide your signature to indicate what offer you are willing to accept.
Please remember that there is no legal requirement for you to surrender to Yoo Capital’s wishes or for you to sign anything at this moment in time.

In simplistic terms, Yoo Capital’s three options currently being offered relating to Yoo Capital’s approaching planning application, are either: -
(i)             to sell up and leave the market, or
(ii)           take a sabbatical for 2 years, or
(iii)         remain working in Shepherd’s Bush Market whilst suffering the disruption and intrusion of Yoo Capital’s development, while being limited on that which you may claim back from Yoo Capital due to the financial losses which may be incurred, and suffer the possible threat of relocation, and suffer the possible loss of your existing lease terms and conditions, however, Yoo Capital will grant a rent and service charge free period for two years, which covers a fraction of the proposed development duration. 

The SBMTA strongly advises all our members not to sign anything at the moment.

Presently, there is no haste to sign anything, and if Yoo Capital exerts any pressure on you to sign then please contact us immediately.
 
Whilst Yoo Capital’s initial offers may look inviting in the short term they do not offer stability in the long term. Sadly, the likelihood of any of the existing leaseholders being able to afford to continue beyond 2030 may be very slim.

The current offers from Yoo Capital to the market traders are only the first offers, so far. These are early days and Yoo Capital must do much more to protect the future of the existing market businesses, whilst maintaining tenant retention and affordability.

Remember, none of us know the full extent and content of Yoo Capital’s planning application, as of yet. Yoo Capital have not even submitted their planning application to the Hammersmith and Fulham Council. 

Many Shepherd’s Bush Market tenants are currently protected under the 1954 Landlord & Tenant Act, and under this Act, tenants are entitled to renew their leases, maintaining exactly the same lease terms & conditions as they currently enjoy. Yoo Capital’s ambition to change and compromise the lease terms & conditions, for many of those leaseholders, is considered unacceptable and legally dubious. 

No one must be deceived into signing anything, nor misinformed in relinquishing their lease for less favourable agreements. It is the SBMTA’s advice that if market traders do not have a solicitor, then get one now in order to protect your business. (The SBMTA will be pleased to offer the details of a recommended firm of Solicitors if need be).
You are encouraged to carefully consider Yoo Capital’s options and discuss the matter with your solicitor.
 
If you are shown a new lease or an ‘Agreement of Lease’ proposal by Yoo Capital, it is very important that you initially show this to your solicitor to compare the terms & conditions with your previous lease.
If you are pressed by Yoo Capital to sign anything, then, politely explain that you will only sign documents that your solicitor has advised you to sign, meanwhile refer the matter to your solicitor.

The SBMTA is working hard to ensure that all of our members are protected in the long and the short term. Each of Yoo Capital’s options holds various pitfalls and snags. It is essential you are permitted to see and comprehensively understand all of Yoo Capital’s proposals in order to make the best and wisest decision for your future.
 
If you need to discuss any matter with the SBMTA then please contact us.

The SBMTA’s Email – info@sbmta.com

Or

SBMTA Chairman's Email - jameshorada@sbmta.com
 
Best wishes,
The Shepherds’ Bush Market Tenants’ Association