With 1,300 stores across the UK, Netherlands, Belgium, China, Hong Kong, India, Saudi Arabia and UAE, Holland & Barrett requires technology to proactively manage international lease requirements and retail complexities. They have opted to move forward with MRI’s connected offering, which is proven across the sector and used by more than 100 retail brands.
The solution leverages the power of machine learning to digitalise lease information, and ensures clean, accurate and reliable data is incorporated into management and reporting processes – including compliance with IFRS 16 lease accounting standards.
Through the MRI Contract Intelligence application, Holland & Barrett can extract, aggregate and cleanse key information buried in hundreds of lease contracts across a variety of languages. The AI-enabled contract repository is then integrated with MRI Horizon, a comprehensive suite of functionality and reporting tools that support specific retail requirements such as retail accounting periods and turnover rent calculations Dashboard insights and sophisticated transaction management workflow also help to inform decision-making and track business processes.
Tom Price, EMEA Sales Manager – Occupier Solutions at MRI Software, said: “I’m delighted to announce the partnership between MRI Software and Holland & Barrett, and to be working with the team to support their strategic objectives. H&B recognises the benefit and criticality of having an end-to-end lease abstraction, lease management and lease accounting solution, with the opportunity to take advantage of other areas of MRI’s comprehensive occupier suite in the future.
“It’s also fantastic that such a reputable organisation has chosen to invest at such an uncertain and challenging time, emphasising the importance and value of a robust platform that delivers short and long-term benefit.”
Stephen Williams, Head of Estates at Holland & Barrett, said: “As our store estate has grown and lease structures become more complex, we have needed a solution to enable us to more efficiently manage our store portfolio. The combination of Contract Intelligence and Horizon provides us with the solution to fully capture all our property and lease information, providing the one version of the truth – and it enables the required detailed business and IFRS16 reporting.”
Learn more about MRI’s powerful AI capabilities for lease abstraction, here.