LloydsPharmacy chooses MRI Software’s Horizon CRE for lease management and accounting
LloydsPharmacy, one of the UK’s largest pharmacy operators, deploys MRI’s lease management and accounting solution to support continued business growth and simplify the task of meeting IFRS 16 requirements
LONDON, January 18, 2022 /PRNewswire/ — MRI software, world leader in real estate solutions, announces that Lloyds Pharmacy, a leading British brand, has selected MRI Horizon CRE manage its lease portfolio and financial compliance, including International Financial Reporting Standard (IFRS 16). Together with MRI, LloydsPharmacy will deploy Horizon CRE, a cloud-based lease management and accounting platform, to more easily manage their real estate challenges and the complexities of IFRS 16. The accounting standard came into effect on January 1, 2019 and requires that all leases be recorded on the balance sheet to increase transparency of companies’ cost exposure.
LloydsPharmacy manages over 1,200 leases for its sites across the UK. The company chose to move forward with Horizon CRE because the platform enables it to meet a range of needs, including the efficient management of its retail portfolio, from key events to transaction processes, all adhering to accounting and reporting requirements unique to a large retail organization, such as retail accounting periods.
“While we were already using a property management system to manage our property portfolio, the continued evolution of our business and the lingering complexities of recent years required a more sophisticated tool like Horizon CRE to make the process easier. The functionality additional IFRS 16 has also meant that the real estate and finance departments can work together to meet our IFRS 16 requirements,” Richard Green, Real Estate and Development Manager At Lloyds Pharmacy, noted. “We needed a purpose-built solution to manage the complexities and nuances of our lease portfolio and automate elements of lease management that would otherwise require manual entry. Horizon unlocks a greater level of efficiency and scalability, as well as 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 subleases, as well as property, while also managing retail-specific factors such as revenue-related rents.
Dermot Briody, Senior Vice President and Executive Managing Director of Europe, MRI software, added, “Our comprehensive suite of solutions has constantly evolved to help customers meet the rigorous demands of accounting and financial reporting. The LloydsPharmacy team recognizes their responsibility to continue to meet current IFRS 16 lease accounting standards, and we are delighted to integrate Horizon CRE into their operations. LloydsPharmacy will be able to proactively manage its lease management requirements and related matters through a tool that helps communicate effective, clear and accurate information to regulators, management, investors and other stakeholders . »
MRI Software’s Horizon CRE is used by the UK’s four largest supermarket brands and trusted by over 1,000 property occupiers across finance, retail, aviation, telecommunications, logistics and other sectors around the world. Its comprehensive suite of features and functionality provides an easily accessible resource for lease information and documentation to make it easier for organizations to follow compliance guidelines and best practices.
About the 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 enables owners, operators and occupiers of commercial and residential real estate organizations to innovate in rapidly changing markets. MRI has been a pioneer in the PropTech industry for over five decades, serving over two million users worldwide. Through industry-leading solutions and a rich ecosystem of partners, MRI gives real estate companies the freedom to elevate their business and gain a competitive advantage. For more information, visit mrisoftware.com.
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