I read with interest Vince Cable's suggestion last week that the government should establish a "People's Bank" to fund business and kick start the economy. Hang on Vince I thought we already owned two banks with well-known brands, large capital asset bases, hundreds of branches and thousands of employees - they're called RBS and Lloyds. Rather than being in thrall to bankers, perhaps the government should instead start exercising its powers as a shareholder and get those two banks to start lending more to business!

I would expect the market to pick up noticeably now the Paralympics has finished. We are now seeing the government enter the second half of their term in office and consequently I am sure that they will be doing everything they can to stimulate the economy to ensure that by election time, things will be bubbling along. However I believe that the fundamental issue is that unless consumer confidence returns in force, no matter how much money the government puts into the economy, things will remain muted. This is something of a paradox in that on the one hand the banks and the government are telling us that debt is bad and we all need to pull in our belts and yet if the consumer doesn’t start spending again the economy will remain flat. For me, this paradox therefore points to a fundamental rebalancing of the economy where we will see lower levels of spending as a long term trend and I guess we all need to get used to that. Property prices outside London will also therefore remain flat or possibly negative for a number of years until the average house price equals roughly 4 times the average income.
There will also be another significant shift in the coming years as more baby boomers retire and either sell their businesses (if they own one) or buy a business to support their pensions. One trend that is already happening in Australasia is groups of retirees clubbing together to buy a business and to bring in a younger working partner who owns a share of the business and actually runs the business on a day to day basis, while using the knowledge and experience and cash of the retirees as and when required. TI believe that this is a very interesting development in business sales and given the poor returns from traditional pension investments, I suspect that these sorts of buying groups could be making an appearance in the UK in the near future.

Sold! Marlborough Day Nursery in Coalville

Amberglobe are delighted to announce the recent sale of Marlborough Day Nursery located in Coalville, Leicestershire. This was a rare thriving management run high profile Children's Day Nursery which boasted an 'Outstanding' Ofsted rating and an annual fee income in the region of £575,000 with healthy profits to match. Included within the sale were several valuable freehold properties. The now former owners Gail and Peter Hodgson comment:   "From the moment we met with you Nick, we knew you and your company were the right people to use to sell our day nursery.  Your enthusiasm and experienced guidance helped the transaction process run very smoothly.  We would be more than happy to recommend you to anyone thinking of selling a day nursery. Thanks again for your help" http://www.amberglobe.co.uk/UK-Business-Sold-by-Amberglobe-High-Profile-Thriving-D-Nursery-ref-2539

Wedding/Events Florists in Oxford sells

Amberglobe are pleased to announce the sale of this established thriving Event/Wedding Florists which specialises in providing an extensive range of floral designs for weddings, large corporate events, fashion shows through to individual parties and for numerous local businesses and hotels etc. With an impressive annual turnover of £223,000 and low overheads, this is an ideal venture for an enthusiastic new owner operatorhttp://www.amberglobe.co.uk/UK-Business-Sold-by-Amberglobe-Wedding-Event-Florists-ref-2478. The business has been acquired by a first time buyer looking to expand into this industry.

Amberglobe instructed to sell Supermarket in Spain

Amberglobe have recently been instructed to sell this established high turnover supermarket which is located close to Malaga in Spain. The business has been built up over the years and is now a thriving Supermarket which boasts annual sales of 570,000 euros. With a realistic annual rent and the scope and potential for enthusiastic new owners to continue to grow the business this could be the perfect opportunity to live the dream! http://www.amberglobe.co.uk/High-Turnover-C-Store-in-Spain-ref-2579

With Team GB riding high and the Olympics following closely on the heels of the Queen's Jubilee celebrations, the market has been quieter for longer than normal during the traditional summer holiday season. I do not expect things to change during August although barring any serious damage in the Eurozone I believe that things will improve considerably in September. Assuming that GB continues its winning ways in the Olympics I expect the country to be riding on a massive high once the holidays are over.
However August will be a testing month for the Eurozone and the financial markets have lost patience with the way the crisis has been handled to date. My personal view is that Greece will be left to fend for itself and will declare bankruptcy but without leaving the Euro. Germany will continue to refuse to pick up the tab for Spain and Italy and the crisis will only go away once the European Central Bank is authorised to undertake quantitative easing and start buying back the debts of Spain & Italy, as has happened in the UK and America.
On the local financial scene I was talking with our finance broker the other day and asking him whether commercial debt was difficult to obtain. His response was that purchasers can always get the finance for a business purchase provided that (a) they are not over-geared and (b) they ask the right person. If a purchaser tries to get finance from their local bank manager then the chances of success are very low as those guys are programmed to take no risk and protect their own jobs and pensions! Please rest assured we spend a lot of time trying to persuade our purchasers to talk with our finance broker because the money is out there you just need the right person on your team to find it.

Little Angels Day Nursery in Huddersfield Sells Via Amberglobe

Amberglobe have recently sold Little Angels Day Nursery which is located in Huddersfield West Yorkshire. This is one of Yorkshire's largest independently owned Children's Day Nurseries and was registered for 130 children and boasted a most impressive annual fee income in excess of £550,000+. The nursery was run under management and was located within an attractive converted valuable period property. The asking price for the nursery was £799,995. Sold on a confidential basis, this nursery generated a high level of interest from numerous well financed parties which resulted in several offers being submitted. The new owner is an existing operator looking to add to their growing group of nurseries. http://www.amberglobe.co.uk/UK-Business-Sold-by-Amberglobe-Exceptional-Freehold-Day-Nursery-ref-2537

Domiciliary Care Agency For Sale

This is an ideal opportunity to be able to acquire an established, profitable domiciliary care agency which is based in South Wales. With an annual fee income of approximately £100,000 this business has plenty of scope and potential for new owners to explore. The business currently has 16 clients and operates with a 15 mile radius of its current base. This could be a perfect chance to take your first steps into the care sector or alternatively this business could also be an ideal add on to your current care agency. With a realistic asking price viewing is highly recommended. http://www.amberglobe.co.uk/Domiciliary-Care-Business-ref-2570

Day Spa in London for sale

This is a rare opportunity to acquire an established Day Spa which boasts a sought after high street location in this exclusive London suburb. Fully equipped with an impressive client base this is an exciting opportunity for new owners to be able to build on what has already been achieved at this first class establishment. With a turnover of approximatley £95,000 this business has huge scope and potential for new owners to explore. http://www.amberglobe.co.uk/High-Class-Day-Spa--London-ref-2567

Day Nursery in Cheshire comes to the market

Amberglobe has recently been instructed to sell this established Children's Day Nursery which has a bustling location in this well populated residential area in Cheshire.Run under management this nursery is deceptively spacious and boasts an ideal inner play courtyard. Registered for 38 children this nursery is being sold on a leasehold basis with the option of a freehold sale. Viewing is highly recommended to fully appreciate. http://www.amberglobe.co.uk/Impressive-Leasehold-Nursery-ref-2571

Day Nursery In Berkshire For Sale

Amberglobe has recently been instructed to sell this established small Day Nursery in Berkshire. With a prime trading position in a high profile location the nursery is currently registered for 20 children with a growing annual fee income of £102,000. This nursery is well equipped unopposed under more hands on ownership this is a perfect venture for  new owners to take their first steps into the childcare sector. Viewing is highly recommended.http://www.amberglobe.co.uk/Popular-Nursery-in-Berkshire-ref-2562

London Company owned Day Nursery For Sale

This will undoubtedly be a popular opportunity! We have recently been instructed to sell this established Day Nursery which has a prominent location is this affluent sought after suburb, run under management this is a company owned nursery which under the ownership of enthusiastic new owner operators will continue to see sales and profits rise further. With a growing annual fee income of £110,000 working off a term time only basis, there is plenty of scope and potential for new owners to explore. Viewing is highly recommended! http://www.amberglobe.co.uk/Leasehold-Nursery--London--ref-2566

Hog Roasting Business For Sale

Amberglobe have recently been instructed to sells this profitable, growing Hog Roasting Business which is currently located in East Sussex. Included in the sale are four hog roasting machines all the utensils your would require, a trailer/server a chiller cabinet and a Decato sign written van. With a growing turnover of £38,000 and healthy profits this is a very realistically priced opportunity that deserves your prompt attention. http://www.amberglobe.co.uk/Hog-Roasting-Business-in-Sussex-ref-2568

Thriving On line Garden Supplies Business Comes to Market

We have recently been instructed to sell this fast growing on line business which since it began trading in 2009 has gone from strength to strength. This business sells via several domain owned websites in addition to being a top rated seller on Ebay with over 1,400 pages of products being offered for sale. With a projected annual turnover of £270,000 with net profits for the owner of 30% this is a fantastic proposition for new owners who can continue to see this business grow. http://www.amberglobe.co.uk/Thriving-OnLine-Garden-Supplies-ref-2569

Amberglobe Sell Cherubs Day Nursery in Northampton

Amberglobe are please to announce the sale of Cherubs Day Nursery which was located in a well populated residential area of Northampton. The nursery was registered for 29 children and had an annual fee income of £121,000. Run under management the nursery has been acquired by a first time buyer looking to have a more hands on approach in the day to day running of the business. This nursery was being marketed with both leasehold and freehold options.http://www.amberglobe.co.uk/UK-Business-Sold-by-Amberglobe-Day-Nursery-N-thants-ref-2438

Amberglobe Instructed To Sell High Class Kennels and Cattery

Amberglobe have been instructed to sell this high class kennels and cattery which is located in Lancashire. With an idyllic semi rural location this proposition is the combination of a 5 bedroom farmhouse which dates back to the 16th century. This has been modernised to an exceptional standard to create a most impressive family home. The kennels and cattery is licensed for 50 dogs and 20 cats and has an annual fee income of £60,000. With the added bonus of numerous outbuildings and approx 4 acres of land surrounding this is a unique lifestyle opportunity. http://www.amberglobe.co.uk/Picturesque-Kennels-and-Cattery-ref-2546

May Market Report

After a positive start to 2012 and an excellent first quarter, activity since the announcement that the UK was back in recession has been more muted. This goes to show just how fragile confidence remains. However I believe the biggest brake on growth is the banks who rather than using the cash provided to them by Quantitative Easing are using the money to shore up their balance sheets and to store cash. This is great for the banks but not so great for the rest of us. Consequently credit remains tight and although the trading banks claim that they are all open for business, their appetite for new lending goes up and down in big swings.


The general view is that we are in for a sustained period of low asset growth. I am of the view that unlike residential property sales where there is a depressed market also partly caused by an ever-increasing over-hang of properties trying to be sold by ageing baby boomers into a diminishing and constrained purchaser market, I believe that the number of business buyers will continue to increase fuelled by older buyers needing to subsidise their pensions and by younger buyers and redundancy takers wanting to become self-employed. Unfortunately that does not mean that business prices will rise as the twin constraints of tight credit and flat property values will remain.

Because of the Queen’s Jubilee and the Olympics I don’t think we will see a significant uptick in market conditions until the beginning of September but by then (hopefully!) the Euro Crisis will be moving towards resolution and the green shoots of recovery will have taken hold.

If you have a buyer for your business then my recommendation is that you hold onto him/her for dear life and if you feel that your property might need to be re-priced to meet the market then please do call us to discuss it.

Amberglobe sells Skallywags Day Nursery In Tewkesbury

Amberglobe are pleased to announce the recent completion of Skallywags Day Nursery which was an established day nursery located in Tewkesbury, Gloucestershire. This was a well balanced combination of an impressive detached property set in its own grounds which has the added bonus of a thriving business. The nursery boasted a healthy annual turnover of £143,000 and was registered for 24 children, with the current owners looking to retire this setting has been snapped up by new buyers entering the childcare sector. This was another highly confidential, speedy sale which has left all parties concerned very happy indeed. http://www.amberglobe.co.uk/basic_details.aspx?ref=2525

Established Nursery Comes to Market

Amberglobe have recently been instructed to sell this established, popular nursery which is located in Worcestershire. Located on a high profile school site this nursery trades from a most impressive deceptively spacious modular building, which is included in the sale. With a growing annual fee income of £170,000+ this is a perfect opportunity for buyers taking their first steps into the childcare marketplace. http://www.amberglobe.co.uk/basic_details.aspx?ref=2552

Established Cattery and 4 Bed Detached Home For Sale

We have recently been instructed to sell a most impressive combination of an thriving cattery business which has the added bonus of a 4 bedroomed detached family home all located within an extensive plot of private grounds http://www.amberglobe.co.uk/basic_details.aspx?ref=2550. The owners also train dogs and therefore they have a further outbuildings which could easily be used for dogs kennels if new owners were looking to expand the current business. Viewing is highly recommended to fully appreciate the size scope and potential of this exciting proposition.

Amberglobe Sell Happy Days Nursery in Brampton

Amberglobe are pleased to announce the sale of Happy Day Children's Day Nursery in Brampton, Huntingdon. Working on behalf of the vendors Mr and Mrs Ahmad we were able to secure a freehold sale of this impressive detached property and thriving business. Registered for 45 children with a growing annual fee income of £220,000 this was a management run nursery which has huge scope and potential for the new owners to build on. This setting created plenty of interest from well financed buyers and from the initial viewing of the the purchaser to the completion of the sale this was under 6 months. This nursery was for sale with an asking price of £550,000. http://www.amberglobe.co.uk/basic_details.aspx?ref=2509

Are Business Sales in Recession?

So the UK is back in recession and last night I heard that this was the slowest recovery for over 100 years. Therefore things should be pretty grim out there shouldn't they? And yet, and yet, we are not really seeing that. This time last year and the year before things were far tougher, businesses were going broke, banks weren't lending and business sales were hard to achieve. Whereas right now, we are seeing a significant up-tick in purchaser enquiries and we are also seeing a large increase in increased offers for businesses that we are offering for sale http://www.amberglobe.co.uk/search.aspx. Furthermore the last four months has shown a big acceleration in the number of business sales that we have completed http://www.amberglobe.co.uk/sales.aspx . All in all the I think the business sale market is pretty buoyant. It may not be like it was in 2007 before the recession but in this new era of slower price rises and more prudent lending practices we are doing OK thank you. If vendors keep their asking prices sensible,  their businesses are trading profitably and their agent is professional and knows what he's doing http://www.amberglobe.co.uk/about.aspx then a sale is perfectly achievable .

Amberglobe are instructed to sell a unique Furniture Hire Business

After being recommended by a former client Amberglobe has been instructed to sell a niche furniture hire business which has since it began trading gone from strength to strength. This business enables private individuals who may be relocating and are waiting for their own possessions to arrive to rent all the furniture they may require, this service is also widely used by property developers for show homes etc and one of the fastest areas of growth is from blue chip companies who may need to provide accommodation for numerous clients in long term lets and need this to be fitted out to the highest quality, right down to cups, plates and bed lined. This is a nationwide business that is easily relocatable. With a management team in place, a healthy turnover and excellent profits this is one business that will undoubtedly create interest. http://www.amberglobe.co.uk/basic_details.aspx?ref=2547

Amberglobe sells Established Day Nursery in Gloucester

Amberglobe are pleased to announce the recent sale of Prickles Day Nursery which is located in Brockwith, Gloucestershire. http://www.amberglobe.co.uk/basic_details.aspx?ref=2451  After being approached by the owners due to having no success selling via another agent, Amberglobe was able to provide the owners with some honest, up to date advice on the best way in which to find a purchaser. Via a programme of discreet marketing we were able to secure a sale of the nursery on a Leasehold basis with the option of the Freehold being acquired at a later stage. This is a perfect outcome for the now former owners http://www.amberglobe.co.uk/sell.aspx

Guest House in Kettering For Sale

I have recently been instructed to sell a profitable and established Guest House/Bed and Breakfast in Kettering Northamptonshire. This is a perfect opportunity to acquire a lifestyle business which provides a healthy income and owners accommodation. Viewing is recommended. http://www.amberglobe.co.uk/basic_details.aspx?ref=2543

Nick Brown writes for the NMT Magazine

A year to be proud of!

Nick Brown Valuations Director at Amberglobe, offers his views, thoughts and comments on the last 12 months activity in the childcare market from the perspective of sellers, buyers and as one of the most experienced and successful brokers in the childcare sector.

2011 has undoubtedly been a very interesting and testing year, it seems that everyone, in one way or another has been affected by the economic circumstances which we now find ourselves in. But once again the childcare sector has shown strong signs of resilience to factors beyond its control and activity from both buyers and sellers throughout 2011 has been very positive. In fact amberglobe has just reported that 2011 has been its best year to date in the total number of nursery transactions completed.

Why has this been a good year for completed sales of Nurseries

The answer to this lies in several contributory factors which start from the outset of selling. Correct, honest advice from day one is crucial. “We have numerous clients who have taken over a year before they feel they are ready to commit to the selling process, in this time we have helped them present their nursery in the best possible light and also have had time to prepare them for the oncoming process”.

Managing expectations is very important, often i speak with owners who have been advised values for their businesses which seem extremely high! this is not a new scenario but owners ‘beware’ it’s very easy to for agents and advisors to over promise and under deliver. Our view at amberglobe is simple when we advise we use methods similar to those of which will be used by anyone looking for funding.
As we all have come to realise the numbers of out and out cash buyers who require no funding or valuation have more or less become extinct. This is why we work closely with all the major valuation companies so we can provide evidence of transactions on a regular basis, this in the short and long term sets the bar for how they view values in different areas of the country.

My advice to owners would be, be very wary of anyone who seems to pluck a figure or value out of the air! Be sure to look and ask for comparable evidence, trends and even speak with former owners who have sold or used the services of that particular agent. At amberglobe we often tell sellers to see other agents as we are confident that after doing this and taking several opinions they will come back to the agent that has given the most sound, honest advice.

Who is actually buying?

The answer to this question varies to which part of the market your nursery positions itself. The demand for smaller leasehold and freehold nurseries is exceptionally strong, we believe this has been and is still being driven by first time buyers entering the market via redundancy from previous jobs etc or families looking to invest into their children, setting them up their first business in an industry which continues to do well.

Existing operators seem to be consolidating their current operations by acquiring competitors which add location and operational sense to nurseries which they already successfully run. Having an additional setting can help in the sharing of staff, cutting costs and give monopoly of sought after areas, which is crucial when trying to maximise the profitability of your current business. In addition to these buyers we are dealing with straight out investors who are looking for somewhere to put their money! Well run managed nurseries are a perfect solution. An example of this was earlier in the year we were approached by an investor returning to the country from sometime abroad, unsure where to put his money for the best return we helped he take his first steps into the childcare sector where he acquired a small group of 4 day nurseries and has subsequently gone on to add 2 more. So the good news is that there has been and still is, plenty of active purchasers looking at both small and large leasehold and freehold settings.

Fighting your corner!

It’s imperative that as a seller you look to get advice from a respected broker, you need to be confident that they will see your sale through, it could be said that getting an instruction to sell a nursery is the easy bit! Marketing in a highly confidential manner, liaising with bank valuers, finding finance for buyers and recommending good solicitors is all part of the package that any good broker should be looking to offer. http://www.amberglobe.co.uk/press.aspx

Amberglobe sells Petit Enfant Group of Day Nurseries in Oxfordshire

Amberglobe are pleased to announce that they have recently completed on the sale of the Petit Enfants Group of Day Nurseries which were based in Oxfordshire, Northamptonshire and Gloucestershire.

The group had a combined growing annual fee income of £1.9m and offered in total 387 registered places. This sale forms part of an initial relationship with both owners of the business, where several years ago we were able to introduce an investor into the business who then helped fund the acquisition of further day nurseries which has then culminated in this recent sale to the COOP childcare division.

The sale of the group had an asking price of £1.25m on a leasehold basis for the sale of the limited company on a cash free debt free basis. http://www.amberglobe.co.uk/basic_details.aspx?ref=2499

Children's Day Nursery for Sale in Wales

I have recently been instructed to sell an impressive Leasehold Children's Day Nursery which has a healthy annual fee income and would be a perfect opportunity for first time buyers. The setting is in North Wales and registered for 73 children. Please apply for additional information. http://www.amberglobe.co.uk/basic_details.aspx?ref=2542

Children's Day Nursery Instructions

Been a flurry of high quality Children's Day Nurseries coming to the market. I have just been instructed on 2 extensive Freehold nurseries and 1 high turnover Leasehold setting all in the central belt of the country. www.amberglobe.co.uk

Signs of the Market Hotting Up

Today we did our fastest deal for many months. http://www.amberglobe.co.uk/sales.aspx Within only 3 weeks of listing a children's nursery for sale http://www.amberglobe.co.uk/search.aspx?T=Childcare we now have an accepted offer from a fully funded cash buyer.

I must say that we have noticed a major increase in enquiries for day nurseries. Four weeks ago we listed a nursery for sale in Surrey. Within the first week we had 25 viewing requests!! It then went to sealed bids and we now have an accepted offer above the asking price.

There's no question that day nurseries as a general sector have stood up very well over the last two years of recession conditions. Banks have continued to lend to buyers of nurseries and provided the quality of care is top notch, nurseries have continued to be very profitable businesses to own.

Check out all our other businesses for sale on http://www.amberglobe.co.uk/

Weathering the Storm

In Utopian terms it’s better to be safe than sorry, however in the current financial climate it may not be possible to be 100% prepared for all eventualities.


However some practical steps are outlined below which will assist you in being pro-active rather than reactive:-

• Always have a plan B – the worst can happen

• The liquidity preference theory - manage your cash flow.

• Make the bank manager your new best friend - keep them abreast of your current situation.

• Get up to speed with tax - question what can be done to improve tax cash flow and ease payments

• Price correctly - don't have a knee-jerk reaction to the market.

• Review your terms and conditions - What happens if you deliver products to a customer who closes down before paying you? What terms do you have in place to limit your liability if there are problems? On what grounds can the contract be terminated?

• Manage your Debt Collection

• Your people - Your people are your biggest asset, but also during times of downturn unfortunately also often your biggest area of cost. Have you complied with legislation in respects of contracts for your employees? Do you know their key terms of employment? If you have to deal with redundancy, do you understand the process?

If you are looking for sound, practical, commercial legal advice at excellent prices then please contact us at ://www.amberglobelegal.com/

FEBRUARY MARKET REPORT

We are seeing definite signs of improvement in the market and last month we had the highest number of viewings of our businesses that we have had for two years. Maybe it’s the spring weather but I am also feeling there’s more optimism about and certainly there seems to be more activity on the high street.
http://www.amberglobe.co.uk/search.aspx?REF=-1&K=-1&L=-1&C=-1&T=-1

Because we see any change in activity so long before it is turned into a statistic and a recorded sale http://www.amberglobe.co.uk/sales.aspx I would expect to see the announcement in April of Government statistics of activity in the services and property sectors to record signs of improvement. That will hopefully have a snowballing effect. We are not however seeing activity equal price increases but rather a reflection of vendor expectations and buyer offers becoming more aligned.

Please check out all our businesses for sale at http://www.amberglobe.co.uk/

Without wishing to bang on, I would again remind you of the necessity to have an Energy Performance Certificate if you are selling a freehold or leasehold property. We have heard nothing further from the Department for Communities & Local Government and can only assume that the changes to the scheme are still happening on the 6th April. Do please call us 0800 707 6370 if you want to discuss it or need more information.

Finally, I am also delighted to announce the establishment of http://www.amberglobelegal.com/ which is a law firm that can provide buyers and sellers of businesses with a commercial conveyancing service at very significantly lower costs than other solicitors. Not only will we better any competitor's written quote but we also operate on a No Sale No Fee basis. Please call us today on 0800 5677147 for a quote http://amberglobelegal.com/quote.php or email quotes@amberglobelegal.com

CHANGES TO REGULATIONS FOR COMMERCIAL EPCs

Please find below the text of a Guidance Note issued on 25.1.12 by the Department of Communities & Local Government:

CHANGES TO THE ENERGY PERFORMANCE OF BUILDINGS (CERTIFICATES AND INSPECTIONS) (ENGLAND AND WALES) REGULATIONS 2007 (THE EPB REGULATIONS)

1. Summary of the changes to the EPB Regulations

The changes to the EPB Regulations can be summarised as follows:

the changes will extend the current requirements to commission an EPC that apply to residential buildings to all residential and non residential buildings when sold or rented out;

the requirements for the provision of an EPC with written particulars will be extended to all buildings sold or rented out and the option to attach the asset rating will be removed. The requirement will only extend to the first page of the EPC (the EPC consists of two pages, accompanied by four pages of recommendations); and

the requirement for the statutory lodgement of air conditioning inspection reports onto the central EPC Register.

The following summary details the main changes that will be made in relation to EPCs.

2. Commissioning an EPC before marketing

A number of changes will be made to regulation 5A of the EPB Regulations. In general, the onus remains on the ‘relevant person’ (i.e. the seller or landlord) to commission an EPC before marketing. The main changes are as follows:

the duty to commission an EPC before marketing will be extended to the sale and rent of residential and non-residential buildings;

the current 28 day period within which an EPC is to be secured using ‘reasonable efforts’ will be reduced to 7 days;

if after that 7 day period the EPC has not been secured the relevant person will have a further 21 days in which to do so.

3. Power to Require the Production of Documents

Trading Standards Officers (TSOs) currently have the power to require the ’relevant person’ (i.e. the seller or landlord) to produce copies of the EPC for inspection and to take copies if necessary. The power to require the production of documents will be extended to include persons acting on behalf of the seller or landlord - e.g. estate agents and letting agents. This means, for example, that TSOs will be authorised to require estate agents to produce evidence showing that an EPC has been commissioned where they are marketing a building without one.

4 Clarifying when an EPC is required

This technical amendment to Regulation 5 is intended to remove the erroneous belief that the provision of the EPC can be delayed until shortly before the parties enter into a contract for sale or rent. This will be achieved by deleting the words “before entering into a contract to sell or rent the building or, if sooner” in Regulation 5(2)(b) of the EPB Regulations.

5. Consequential changes

A number of consequential changes will be made to enable TSOs to enforce the new duties.

6. EPC Information in Written Particulars

Currently, for residential sales only, the relevant person or his agent is under a duty to either attach the EPC to written particulars or include the asset rating on those particulars. The amendments will require the EPC to be attached to written particulars in relation to buildings sold or rented out. The option to include the asset rating will no longer apply.

The existing definition of ‘written particulars’ will be expanded to ensure that particulars produced for rented out buildings and commercial properties are captured by the new requirements.

As an exception to this requirement, provision is made to allow the person subject to the duty to provide the written particulars to omit the address of the building from a copy of the EPC where the address has been omitted from those particulars.

7. Statutory lodgement of air conditioning inspection reports

The requirement to lodge air conditioning inspection reports on the central Non Domestic EPC Register will become a statutory requirement, replacing the current voluntary approach.

8. Commencement

The amended Regulations will come into force on 6 April 2012. Further information will be issued shortly.

DCLG
25 January 2012
http://www.amberglobe.co.uk/