Noved Acquisition

Tolhurst Fisher LLP advised Noved Investment Company on its £20 million acquisition of St Martin’s School of Art’s site in Charing Cross Road, London.  This deal was the last in a series of transactions that sees Noved Investment Company set to redevelop a site of almost an acre in the centre of London’s West End for retail, offices and residential use.

Our team was lead by Caroline Homewood, head of commercial property.  Caroline comments, “I am pleased that we exceeded our client’s expectations in effecting a swift exchange of contracts, despite the complexity of the deal and the involvement of four firms of solicitors.”

Tied in to gym membership and want to cancel before the end of the initial period?

Typically gyms tie new members into fixed term contracts for a minimum period of one year.  We all know that new gym members are initially full of enthusiasm and plan to go to the gym several times a week to get fit and stay healthy but enthusiasm generally, for most of us, wanes very quickly and gym attendance drops off.  The High Court recognised this in 2011 by holding, in a case brought by the OFT, that terms in a standard form gym membership agreement which tied members in to membership for a minimum period of 12 to 36 months were unfair within the meaning of the Unfair Terms in Consumer Contracts Regulations 1999 as this took advantage of the fact that the average consumer overestimates the use he would make of the gym and would probably not attend the gym at all after two or three months. 

This case does not mean that all such contracts are automatically unfair but, if you are tied into such a contract and want to cancel before the initial period has expired, you may be able to do so.