Hertford firm in UK launch of new printer range A new series of top-of-the-line Japanese multifunction printers has arrived on the UK market with the help of a Hertford business solutions provider. Aurora Managed Services, whose offices are on the Mead Lane Industrial Estate, has partnered with Fujifilm to bring the Japanese company’s Apeos series to Britain. Fujifilm is the leading supplier of A3 multifunction printers in the Asia-Pacific region. The company’s technology already powers millions of office printers in other parts of the world, but until now Fujifilm-branded devices weren’t available outside its home region. This British launch of the Fujifilm machines follows a successful introduction in Italy in March. Taku Ueno, Senior Vice-President of Fujifilm Europe’s Device Technology Division, said: “It’s hugely exciting to be entering the European office printer market after our entry into the toner production printer business in Europe in 2021. We’ve had tremendous success in the last three years introducing highquality Fujifilm-branded production printers to the market, and the launch of our office printers is the natural next step.”
Legal Property Experts
in association with Penman Sedgwick LLP Claire Miller Partner – Head of Property COMMERCIAL LEASES: RENT DEPOSITS
Landlords of commercial properties often require a rent deposit to be provided by their tenant – either at the time the lease is granted, or as a precondition for the grant of the landlord’s consent to the assignment of the lease.
What is a rent deposit? A rent deposit is a form of security for the tenant’s performance of their obligations in the lease. It provides the landlord with a readily accessible source of funds that can be used immediately if the tenant breaches any of their obligations in the lease, without having to take legal proceedings. The terms on which the deposit is held should be recorded clearly in a Rent Deposit Deed (“RDD”).
How much should the landlord require?
Aurora CEO Andy Moffitt added: “We pride ourselves both on the breadth of our product offering and the quality of the products and services we provide to our customers. Anyone with any knowledge of dry toner print technology, and the development of office printing solutions over the decades, understands the critical role that Fujifilm has played, and continues to play in that story.
This is a matter for negotiation, but the amount of the deposit will usually reflect the following: • the rent payable under the lease • the length of time it would be expected to take to relet the property • the perceived level of risk of tenant default.
“So, to now be able to work with Fujifilm directly in the UK is going to be of huge benefit to our customers – and is very exciting for us.”
If rent is payable quarterly in advance pursuant to the terms of the lease (which is usually the case) the landlord would generally require a deposit equal to at least 6 months’ rent so that it covers a minimum of one rental payment, plus any additional sums payable such as insurance and service charge, and any other costs related to the tenant’s default. If VAT is chargeable on the rents the deposit should also include a sum equal to VAT.
Aurora is based in London and has offices in Hertford, Ipswich, Coventry and Blackburn. To find out more about the company, see aurora.co.uk.
Accountants aid fundraising in memory of much-missed Neil A firm of accountants in Watford is to hold a fundraising lunch to help a late colleague’s wife in her bid to raise £100,000. Neil Cundale, who died of cancer last year at the age of 41, worked for Hillier Hopkins that will be hosting its charity lunch at Watford FC on Friday 4th October in aid of his wife Liz’s fundraising for the Hospice of St Francis in Berkhamsted. The hospice supported Neil and his family throughout his illness, and Liz said she wanted to repay some of the kindness she, Neil and their children had received from them. She is approaching the halfway point in her fundraising mission, with a little under £50,000 raised so far. On her fundraising page, Liz wrote: “The Hospice is such a special place; not only did Neil receive exemplary care, so did I and the children. We did make memories that will last a lifetime and our daughter Lucy kept saying how lucky Daddy was to be in such a beautiful place. “It has been such a difficult time for our family to live through, but the support we have been provided and will continue to receive has made this pain significantly more bearable.” Hillier Hopkins has a three-course meal, a guest speaker and an afternoon of entertainment planned, including a charity auction. Tickets cost £75 per seat, or £750 for a table of 10. Find out more or book seats at https://hillierhopkins.co.uk/events/charity-lunch/ or contact Ross Jenner on 01923 634252 or hi@hhllp.co.uk. Also contact Ross if you wish to donate an auction or raffle prize. To find out more about Liz’s fundraising, see https://www.justgiving.com/page/neilcundale
Can the deposit be increased? A well-advised landlord would want to ensure that the RDD provides for the deposit to be increased in the following situations: • if the rate of VAT increases (assuming the initial deposit included a sum equal to VAT) • if the landlord exercises their option to tax (assuming the initial deposit did not include VAT because VAT was not chargeable at the time) • if the rent is increased (e.g. on review).
Withdrawals and repayment The terms relating to both withdrawals by the landlord from the deposit and repayment of the deposit (or the balance held) to the tenant should be clearly set out in the RDD. These are likely to include: • service of formal notice of a withdrawal on the tenant • obligations on the tenant to top up any sum withdrawn • triggers for repayment, e.g. assignment (with landlord’s consent), lease expiry and possibly early repayment (subject to financial performance tests being met). There are various options for structuring a rent deposit, and other important considerations for both parties. They should each take legal advice before entering into a RDD to ensure that their interests are adequately protected.
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