Card Factory who already had 900 stores in the UK decided to expand into the Irish market in 2017. Bannon were appointed as acquisition agent and produced a target list of locations and guidance on property costs. The task was to manage a nationwide roll out in locations supportive of Card Factory’s business model. Bannon tendered for this instruction against 6 other firms and were identified as the perfect partner firm to deliver what would be an aggressive roll out of stores across a wide geographical area.
A full analysis of Card Factory’s requirements led to a location-based target list. Supporting data was sourced (footfall, demographic data etc) to support our advice. Bannon have access to a significant data bank on shopping destinations across Ireland providing Card Factory with a unique insight into the Irish market. Priority locations were identified in consultation with the Card Factory team. Terms were negotiated for lease structures that met with client needs and Bannon provided support during the legal process to ensure the heads of terms were accurately reflected in the executed lease documents.
Card Factory opened their first 7 stores opened in 2018. Despite COVID restrictions by the start of 2022, the portfolio had expanded to 16 stores. Expansion continues at pace with a further 8 stores planned for 2022. Card Factory were delighted with the speed at which we were able to react and deliver deals that exceeded their expectations.
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