Client: Corus
Gerald Eve has advised one of South Wales’ largest employers since the 1960’s, when British Steel Corporation was a publicly owned company. To a large extent, the company epitomises the gradual decline of the UK’s heavy industrial sector throughout the latter part of the 20th century, as the economy gradually transformed into a service-driven one.
Since the profound rationalisation of the sector in the 1980’s, the company has twice been acquired and its operations rationalized. Significant investment has been made at Port Talbot,, whilst works in places such as Velindre, Ebbw Vale, Bryngwyn and Newport have closed. Landholdings of this scale were significant overheads for Corus, so we have advised the company in how best to reduce these costs. Since 1990 alone, for instance, we have saved them over £73m in business rates payments.
The specialised nature of its portfolio is such that day-to-day estate matters, such as rent reviews and lease renewals, can be complicated. Our heavy industry specialists have settled these for operational sites such as Port Talbot Tidal Harbour, the 152-acre Ore Stockyards site at Port Talbot and outfall pipes into the Bristol Channel.
Meanwhile, we have valued and disposed of its surplus sites to realise capital for the company. We sold its 200-acre tinplate works near Swansea to the Welsh Development Agency for instance, and farmland of a similar size near its works in Llanwern. When the company is served with a compulsory purchase order, our role is to negotiate on behalf of the company and ensure they receive the correct level of compensation.
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