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Tannoy’s tenants insist factory lease remains in place until 2023

Tannoy’s tenants insist factory lease remains in place until 2023

Tannoy’s tenants insist factory lease remains in place until 2023

United Kingdom:

Public consultation has closed on a pre-application exercise on proposals to build houses at the site of the Tannoy factory in Coatbridge. However, site owner Paloma Capital insists that its planning application to construct 60 houses is merely a “back-up plan” as it continues to search for a new industrial tenant for the premises.

A spokesperson for Paloma Capital commented that everything had been done to keep Tannoy on site. Now owned by Music Tribe, Tannoy has a lease in place for a further three years with an option for further extension. This latest revelation contradicts the statement made last month by Music Tribe’s product category leader Chris Hinds. “With regret, the Coatbridge landlord announced their intention to re-purpose the land and tear down the ageing facility. We have decided to relocate manufacturing to another European facility, whilst also investing in our Manchester high-tech innovation centre. We would like to pay our respects and thank all those affected for their incredible support and commitment.”

Under the leadership of Uli Behringer, Music Tribe first announced its plans to close the Coatbridge factory in 2016. With the unveiling of new manufacturing plant in China together with local research, development and marketing activities being relocated in Manchester, the 70 local staff in production operations were rightly nervous.

“The Coatbridge site has always been industrial and so we have started our search for a replacement tenant who can take up the space post-2023,” commented Paloma Capital’s director of investment and asset management, Charles Lunnon. “In the meantime, we need to make sure we have all our bases covered and if the market is such that we cannot find a new tenant we have an alternative use, in the form of housing.” The project website states that a mixture of family homes alongside smaller starter or downsizer homes will be built, ranging from one to three bedrooms and from flats to detached houses. The VQ cabinets and QFlex housings are a thing of the past it would appear.

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