Client: Lyons Davidson Solicitors

Overview
Lyons Davidson is a national law firm operating from multiple locations across the UK. As part of their post-pandemic business review, the company faced significant surplus office space and ongoing liabilities in rent, rates, and dilapidations. RED was appointed to formulate and implement a comprehensive real estate strategy to mitigate costs and reposition their property portfolio for the future.

Challenges

• Seven office locations nationwide, many underused due to hybrid working.

• Ongoing occupational rent, rates, and dilapidation liabilities.

• Need for swift cost reduction without disrupting business continuity.

• Complex coordination with multiple landlords and third-party consultants.

RED’s Role
RED acted as strategic consultant and project manager, providing end-to-end oversight of the property rationalisation process. Their responsibilities included:

• Sale of surplus storage facilities.

• Advice on dilapidation liabilities and negotiation strategy.

• Furniture clearance and space management.

• Appointment and management of letting agents.

• Liaison with multiple landlords and local authorities.

• Exploration of alternative property uses such as student residential, hotels, and serviced offices.

Outcome
RED successfully implemented a cost-reduction strategy that streamlined Lyons Davidson’s property footprint and reduced financial exposure. The team continues to report monthly to the firm’s board, updating on lettings, sales, and negotiations, allowing management to focus on business growth while maintaining efficient estate management.

Key Achievements

• Real estate strategy developed and implemented across seven UK locations.

• Significant reduction in occupational costs.

• Smooth management of surplus space and disposals.

• Ongoing board-level reporting and portfolio oversight.