IPF Holdings Limited (“IPFH”) formerly Provident International was a young start up company within the Provident Financial Group, formed with the aim of capitalising on the loan market opportunities in the expanding third world. IPFH was collocated within the offices of the parent company at the long established Provident Group HQ in Bradford.

At the time of our involvement in early 2006 IPFH had been trading for two years and had already successfully developed profitable third world core markets in Europe and South America. After internal discussions with the parent company it had been agreed that IPFH would move to a new location outside of the main Bradford conurbation and establish their own offices somewhere else in northern England.

In our initial discussions with Nick Illingworth, the IPFH Managing Director, and Dave Broadbent, his Finance Director we were advised (in confidence) that later in the year the company would be seeking its own listing on the London Stock Exchange. Our activity on their behalf was therefore conducted within the terms of a non-disclosure agreement.

We were asked to attend the then IPFH offices in Bradford to discuss how we could assist them in researching the best office location for them in northern England and then to carry out a search of all likely office options within an agreed area. There was a need for urgent action as IPFH wanted to take occupation and be fully operational in their new premises (to house circa 150 staff) by December 2006.

We were duly appointed to carry out the research and to find and acquire suitable offices within a very tight timescale which would allow operational occupation by the required December deadline.

Our activities can be summarised as including:

• Organising and agreeing a project plan and timetable.
• Identifying the key roles and tasks for the in-house team and the fit with our own role and responsibilities.
• Determining a project budget with Richard Britten the IPFH Financial Controller.
• Organising a non-disclosure confidentiality agreement between ourselves and IPFH to avoid any possibility of a leak regarding the planned Stock Market flotation and/or staff becoming aware of the move until the IPFH HR team was ready to make an announcement.
• Providing a suitable relocation announcement to the HR department in the event of an accidental leak of news about the move.
• Agreeing with IPFH the space requirements for the new offices and the boundaries of the search area.
• Contacting all relevant property contacts within the search area – including commercial agents, developers, property professionals and public sector sources including Inward Investment Agencies and the West Yorkshire councils of Bradford and Leeds.
• Carrying out an initial search of the general West Yorkshire area, bounded by the Pennines in the west, Harrogate in the north, Huddersfield in the south and the A1 in the east.
• Reporting back to IPFH with the initial results and agreeing a tighter area containing all the potentially suitable options to examine in more detail.
• Visiting all potentially viable sites and buildings and obtaining all relevant information on the likely occupation terms/conditions together with photographic evidence to present to the IPFH project team.
• Presenting the information obtained to the IPFH team on PowerPoint and discussing the pro's and con's of each candidate building option.
• Agreeing a short list and re-visiting the selected options with members of the team to isolate the final options on which to negotiate terms.
• Contacting the agents and developers of the selected options and carrying out detailed negotiations to obtain the best possible term for each option.
• Using the strength of the IPFH covenant to obtain a reverse premium on the rent payable by IPFH through an up front contribution by the developers of Leeds City Office Park (“LCOP”) totalling over £1.65m.
• Working closely with IPFH's solicitors until completion in order to ensure terms and conditions at LCOP for IPFH were as beneficial as possible.
• Organising and holding a “beauty parade” of suitable Quantity Surveyors and Design Consultants to assist IPFH by providing “outsourced” structural, design and facility management services.
• Continuing to act on behalf of IPFH with a variety of needs through to their occupation of Leeds City Office Park, on time, and on budget.

Footnote:
The IPF facility in Leeds won the prestigious British Council for Offices 2007 award for the excellence of its design and the quality of its fit out.