British high street pleads for state help with rent

British high street pleads for state help with rent

21 April 2020

In a letter to Chancellor Rishi Sunak, a coalition of the UK's biggest retail chains and property owners warned that "many viable companies" will file for administration if the government does not intervene further, causing job losses and a "devastating impact" on high streets.

 

The letter was signed by Revo, British Retail Consortium and British Property Federation.

 

Vivienne King, CEO of Revo, said:

"We welcome the Government's action on business rates, although would wish to see it now applied to landlords' empty rates, but with retailers either unable to trade, or severely restricted in their ability to do so, payment of rent is becoming practically impossible even for businesses that were financially sound prior to Covid-19.

"With June Quarter Rent Day fast approaching time is of the essence and we are calling on the Government's support to underwrite rents for those businesses in desperate need, many of which are major employers and part of the fabric of high streets, town and city centres.

"We know the majority of landlords are open to negotiate and work with retailer management teams to keep our high streets and retail destinations vibrant and appealing to consumers in the future, but this now needs to be underpinned by rental support from Government."

 

Click here to view the full letter to the Chancellor. 

 

Click here to read the full article in the Financial Times.

Click here to view the full article in Estates Gazette.

Click here to view the full article in Retail Week.

Click here to read the full article in Drapers.

Click here to read the full article in Property Week.