The Chambers of Edward Faulks QC relocated to the prestigious offices of 1 Chancery Lane, London. The new premises required an expensive refit and refurbishment, and general manager, Jenny Fensham, was keen to pay over time and find a finance solution that matched the seven year lease secured on the building.
Syscap Professions financed the refit, which included office fittings and equipment, creating a flexible finance agreement tailored to suit the chambers’ specific requirements.
When the lease ran out on Edward Faulks QC’s previous premises at 1 Sergeant’s Inn, the search began for a new location with an exclusive city address at the heart of London’s legal district. This move also offered the opportunity to relocate to a larger building. The successful chambers had outgrown its original premises, requiring more extensive offices to house the growing team of lawyers and continue to offer the best possible service to clients.
1 Chancery Lane offered everything the chambers required, but needed extensive alterations and updating. In addition, the move required significant investment in new equipment and IT. “This was a huge undertaking for us,” explains Jenny Fensham, “We wanted to change the layout of the building and create several partitions for new offices. We also needed to furnish the entire space, install a new telephone system, update our IT, and pay for numerous contractors, suppliers and services to make it all happen.”
Having worked with Syscap Professions before to finance IT, Jenny Fensham was already aware of the financial and business benefits of leasing and hoped to use Syscap Professions’ services again for this larger-scale project. “For the nature of our business, a lease is the most financially beneficial option,” she explains. “We can claim the expenditure against tax and spread the cost over time. Having worked with Syscap Professions before I knew they could help us.” Jenny Fensham researched a range of different payment options, including bank loans, other finance packages or cash alternatives, but Syscap Professions offered the best all round solution.
Syscap Professions is the UK’s leading independent finance and leasing supplier, dedicated to delivering tailor-made finance solutions for professional practices. With over 15 years’ experience, Syscap Professions has developed an in depth understanding of the specific challenges and regulatory requirements of the legal sector, and has created a range of fully compliant finance options to suit every type of practice.
There were several aspects of Syscap Professions’ proposal and approach that particularly impressed Jenny Fensham. Firstly, Syscap Professions’ comprehensive finance options enabled the chambers to include every aspect of the office refurbishment into a single lease agreement. This covered everything from furniture and carpets to air-conditioning and a new telephone system. In addition, Syscap Professions arranged a Professional Interim Finance Facility (PIFF), which enabled the chambers to avoid any outgoings for the first six months of the agreement.
After the first six months, the PIFF was converted into a lease. This meant the chambers could maximise its tax relief and achieve a quick return on investment, since repayments were only made once all the work on the new office was completed. “The PIFF agreement was very advantageous,” explains Jenny Fensham. “Without it, we would have had to start the lease right at the beginning of the implementation process. We didn’t want to pay upfront for equipment and IT that we hadn’t started using, and the PIFF enabled us to avoid that immediate expenditure.”
Another benefit for Jenny Fensham was Syscap Professions’ willingness to accommodate the Chambers’ particular requirements over the exact terms of the lease. “We asked our account manager to look into amending some of the terms on the lease contract. This could have caused a significant delay, and some finance companies would have refused to help us, but Syscap Professions acted promptly and efficiently to sort things out.”
Jenny Fensham is confident she made the right decision in choosing to partner with Syscap Professions to finance the new premises at 1 Chancery Lane. She says: “Our work is not straightforward, but the Syscap Professions team works hard to understand our needs and to find best fit finance solutions. Whenever I approach them with a question or request, they say ‘leave it with us and we’ll sort it out’. I trust them to get the job done and they don’t disappoint.”
Work began on refitting 1 Chancery Lane at the end of 2005 and financing was completed on schedule in March 2006. The Chambers of Edward Faulks QC now enjoys the benefits of a thoroughly modern office. “I am delighted to announce our move to state of the art premises at this prestigious location,” said Edward Faulks QC at the opening of the new offices. Jenny Fensham adds: “We have always been committed to providing an excellent service to our clients. Our new chambers, which offer more extensive client areas and conference facilities, can only help enhance that service.”
