Chambers of Edward Faulks
The Chambers of
Edward Faulks QC relocated to the prestigious offices of 1 Chancery
Lane, London. The new premises required an expensive refit and
refurbishment, and general manager, Jenny Fensham, was keen to pay
over time and find a finance solution that matched the seven year
lease secured on the building. Syscap Professions financed the
refit, which included office fittings and equipment, creating a
flexible finance agreement tailored to suit the chambers' specific
When the lease ran out on Edward Faulks QC's previous premises
at 1 Sergeant's Inn, the search began for a new location with an
exclusive city address at the heart of London's legal district.
This move also offered the opportunity to relocate to a larger
building. The successful chambers had outgrown its original
premises, requiring more extensive offices to house the growing
team of lawyers and continue to offer the best possible service to
1 Chancery Lane offered everything the chambers required, but
needed extensive alterations and updating. In addition, the move
required significant investment in new equipment and IT. "This was a huge
undertaking for us," explains Jenny Fensham, "We wanted to change
the layout of the building and create several partitions for new
offices. We also needed to furnish the entire space, install a new
telephone system, update our IT, and pay for numerous contractors,
suppliers and services to make it all happen."
Having worked with Syscap Professions before to finance IT,
Jenny Fensham was already aware of the financial and business
benefits of leasing and hoped to use Syscap Professions' services
again for this larger-scale project. "For the nature of our
business, a lease is the most financially beneficial option,"
she explains. "We can claim the expenditure against tax and spread
the cost over time. Having worked with Syscap Professions before I
knew they could help us." Jenny Fensham researched a range of
different payment options, including bank loans, other finance
packages or cash alternatives, but Syscap Professions offered the
best all round solution.
Syscap Professions is the UK's leading independent finance and
leasing supplier, dedicated to delivering tailor-made finance
solutions for professional practices. With over 15 years'
experience, Syscap Professions has developed an in depth
understanding of the specific challenges and regulatory
requirements of the legal sector, and has created a range of
fully compliant finance options to suit every type of practice.
There were several aspects of Syscap Professions' proposal and
approach that particularly impressed Jenny Fensham. Firstly, Syscap
Professions' comprehensive finance options enabled the chambers to
include every aspect of the office refurbishment into a single
lease agreement. This covered everything from furniture and carpets
to air-conditioning and a new telephone system. In addition, Syscap
Professions arranged a Professional
Interim Finance Facility (PIFF), which enabled the chambers to
avoid any outgoings for the first six months of the agreement.
After the first six months, the PIFF was converted into a lease.
This meant the chambers could maximise its tax relief and achieve a
quick return on investment, since repayments were only made once
all the work on the new office was completed. "The PIFF agreement
was very advantageous," explains Jenny Fensham. "Without it, we
would have had to start the lease right at the beginning of the
implementation process. We didn't want to pay upfront for equipment
and IT that we hadn't started using, and the PIFF enabled us to
avoid that immediate expenditure."
Another benefit for Jenny Fensham was Syscap Professions'
willingness to accommodate the Chambers' particular requirements
over the exact terms of the lease. "We asked our account manager to
look into amending some of the terms on the lease contract. This
could have caused a significant delay, and some finance companies
would have refused to help us, but Syscap Professions acted
promptly and efficiently to sort things out."
Jenny Fensham is confident she made the right decision in
choosing to partner with Syscap Professions to finance the new
premises at 1 Chancery Lane. She says: "Our work is not
straightforward, but the Syscap Professions team works hard to
understand our needs and to find best fit finance solutions.
Whenever I approach them with a question or request, they say
'leave it with us and we'll sort it out'. I trust them to get the
job done and they don't disappoint."
Work began on refitting 1 Chancery Lane at the end of 2005 and
financing was completed on schedule in March 2006. The Chambers of
Edward Faulks QC now enjoys the benefits of a thoroughly modern
office. "I am delighted to announce our move to state of the art
premises at this prestigious location," said Edward Faulks QC at
the opening of the new offices. Jenny Fensham adds: "We have always
been committed to providing an excellent service to our clients.
Our new chambers, which offer more extensive client areas and
conference facilities, can only help enhance that service."