LloydsPharmacy, one of the UK's largest pharmacy operators, is deploying MRI's lease management and accounting solution to support continued business growth and simplify the task of meeting IFRS 16 requirements
LONDON, Jan. 18, 2022 /PRNewswire/ -- MRI Software, a global leader in real estate solutions, announces that LloydsPharmacy, a leading UK high street brand, has selected MRI Horizon CRE to manage its lease portfolio and financial compliance, including International Financial Reporting Standard (IFRS 16). In working with MRI, LloydsPharmacy will deploy Horizon CRE, a cloud-based lease management and accounting platform, to more easily handle their real estate challenges and complexities of IFRS 16. The accounting standard came into effect on 1 January 2019 and requires that all leases be recorded on balance sheets to increase the transparency of business exposure to costs.
LloydsPharmacy manages more than 1,200 leases for its sites across the UK. The company chose to move forward with Horizon CRE because the platform enables it to address a range of needs - including effectively managing their retail portfolio, from key events to transaction processes, whilst adhering to necessary accounting and reporting requirements unique to a large retail organisation, such as retail accounting periods.
"Whilst we were already using a property management system to manage our real estate portfolio, the continued evolution of our business and ongoing complexities in recent years required a more sophisticated tool like Horizon CRE to make the process more straightforward. The additional IFRS 16 functionality also means that the real estate and finance department can work collaboratively to hit our IFRS 16 requirements," Richard Green, Head of Property and Development at LloydsPharmacy, said. "We needed a purpose-built solution to handle the intricacies and nuances of our lease portfolio and automate elements of lease management that would otherwise require manual input. Horizon unlocks a greater level of efficiency and scalability, and the quality and accuracy of the data now available to us will support better strategic decision-making."
LloydsPharmacy's implementation of Horizon CRE facilitates collaboration across multiple departments, including real estate and finance. The software can support the management of lease portfolios that include equipment and sublets, as well as property, while also handling retail-specific factors such as turnover-related rents.
Dermot Briody, Senior Vice President and Executive Managing Director for Europe, MRI Software, added: "Our comprehensive solution suite has consistently evolved to help clients meet the rigorous demands of accounting and financial reporting. The team at LloydsPharmacy recognises their responsibility to continue to meet today's IFRS 16 lease accounting standards, and we're excited to integrate Horizon CRE into their operations. LloydsPharmacy will be able to proactively manage its lease management requirements and related matters with a tool that allows for effective, clear and accurate information to be communicated to regulators, management, investors and other stakeholders."
MRI Software's Horizon CRE is utilised by the four largest supermarket brands in the UK and trusted by more than 1,000 property occupiers across finance, retail, aviation, telecoms, logistics and other sectors worldwide. Its comprehensive suite of functionality and features provides an easily accessible resource for lease information and documentation to make it easier for organisations to follow compliance guidelines and best practices.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
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