Coffin Mew assists Percival Aviation with multi-million pound land purchase
Coffin Mew have assisted Percival Aviation with purchase and development of land for new multi-million pound purpose built premises.
Percival Aviation specialises in the design, production and maintenance of aircraft interiors and associated equipment, with its customers including British Airways, American Airlines, Qantas, Norwegian Air, Emirates and EasyJet. It is one of the UK’s leading suppliers of aircraft interiors and is currently going through a period of major growth, with plans to expand its overseas presence to support its many customers around the world.
Key to Percival Aviation’s growth strategy is the new bespoke, purpose built 40,000 sq ft factory to be developed on the newly purchased site in Segensworth, Hampshire, a short distance from the company’s current premises in the area. Development is due to start in March 2019 and once complete, will double the company’s production capacity.
The Coffin Mew team headed by Peter Fellows, advised Percival Aviation on all aspects of the transaction with Eve Laws advising on the purchase of the site, Jennifer Packer on the banking and financing arrangements and Peter advising on the development agreement with the main building contractor.
Coffin Mew was pleased to assist Percival Aviation with this complex site acquisition, which involved negotiations between five parties, including the owner of the adjacent site, and six separate contractual documents to deal with the surrender of an existing lease, the variation of a lease of the adjoining site and a new long lease of the site, plus related contracts and, of course, the development agreement.
Neil Percival, CEO commented:
The new facility will double our company’s capacity and I’m looking forward to seeing the construction phase through to opening the new headquarters towards the end of 2019. We work with many of the world’s leading airlines including American Airlines, British Airways, Emirates and Easyjet and the new site will facilitate our continued business growth. Coffin Mew supported our business throughout all phases of the land, development and commercial transactions. We worked with three members of the Coffin Mew team and received a first class service. The deal that was put together and negotiated is the largest in our 40+ year history. I felt reassured throughout the process that the Coffin Mew team had the experience and expertise to manage all aspects of the legal transaction, and just as importantly, bring their own costs in on budget – which they did!”