Decision

To approve the variation of the lease of 2-4 South Hill, Guildford to Heartwood Inns Limited dated 17.04.2015 in line with the following terms and conditions:
Release of the current guarantor Heartwood Inns Collection Limited and the substitution to:
Abriand Freeholds Limited - Company no. 14218945
And second guarantor:
Abriand Propco Limited - Company no. 13879707
If you have any queries, then please contact Faye Gunner who will be happy to provide further information

Reasons for the decision

The tenants request as part of a wider restructuring in which they are selling the business arm that currently contains the guarantor. As a result, the existing guarantor would no longer provide meaningful covenant support, leaving GBC in an unfavourable position.
The proposed substitute guarantors offer an equivalent level of covenant strength, ensuring that GBC retains the same level of security.

Alternative options considered

None