Mothercare has sold its Watford office building for close to £15 million as part of its cost-cutting drive.
The retailer has sold off the 100,000 square foot UK headquarters and adjacent warehouse on Cherry Tree Road to BYM Capital and has signed a ten year lease under the sale and leaseback deal.
The news was first reported by the Watford Observer.
The British retailer has been forced to take savings measures after filing for a Company Voluntary Arrangement.
BYM is a firm that converts offices to residential under permitted development rights.
Mothercare’s store closure plan is also taking effect, with a brace of closing down sales taking place across the country as the retailer consolidates its store portfolio. By the end of March, Mothercare will have just 79 UK stores, down from 137 in May 2018.
Mothercare has also launched its Big Baby event this week, offering huge savings of up to 50% off baby and toddler products. The sale runs across all platforms until 6 March, featuring big brand names like Tommee Tippee, Joie, Chicco, Graco and Maxi-Cosi.