GREENE KING PUB PARTNERS EXTENDS 90% RENT CREDIT FOR ALL TIED TENANTS
Greene King Pub Partners has continued its rent support for tenants during the Covid-19 crisis by confirming that all tied tenants in England will continue receiving 90% rent concessions as the country enters step two of the roadmap in England, whether they are opening their outdoor areas or not.
Support for tied tenants in Scotland and Wales will be confirmed once their devolved governments confirm more details on the reopening of the hospitality sector.
Wayne Shurvinton, Greene King Pub Partners managing director, said: “Even with the financial support announced in the Budget, pubs need as much support as they can to rebuild over the next few months.
“Our hope is that by extending our rent concessions like this, it gives our partners the best possible foundations to rebuild their businesses when they can eventually reopen.
“The recent Budget contained some good news for pubs in the form of additional grants of up to £18,000 and a freeze in beer duty. The extension of the VAT cut is also good news but sadly will not benefit many smaller community pubs, with alcohol not included in the VAT cut.
“We have invested millions of pounds in supporting our tied tenants through multiple lockdowns and will continue doing all it takes to help them get to step three of the roadmap when they can begin to reopen their pubs once more.”
Greene King tied tenants have received the following rent support to date:
From 20 March 2020 to 10 June 2020 (first 12 weeks of lockdown one) a Partner Support Fund was launched. One-to-one discussions took place with all tied pubs to understand their immediate financial situation so rent concessions could be targeted at pubs that had not been eligible for any government grants. Pubs with a rateable value under £51,000 had been eligible for a government grant up to £25,000 to allow businesses to continue paying fixed costs, such as rent.
- From 11 June 2020 all tied pub tenants received a 90% rent concession that ran until four weeks after a pub was legally able to reopen, at which time a 50% rent concession continued for another four weeks.
- Following the end of the 50% rent concession around the end of August 2020, rent concessions were extended for another four weeks at 40%.
- At the end of September 2020, rent concessions returned to 50% for four weeks in the wake of tightening restrictions and rising Covid-19 case numbers.
- When the circuit break lockdown was introduced in Scotland in October 2020, all Scottish pubs were given a 90% rent concession.
- When Scottish pubs emerged from the circuit break into a tier system, pubs in levels two to four were given a 90% rent concession while pubs in levels zero to one received a 40% rent concession.
- From the date of the second national lockdown in England from 5 November 2020 all tied pubs in England received a 90% rent credit.
- When pubs in England reopened in December 2020 all pubs in Tiers 2-4 received a 90% rent concession while any pubs in Tier 1 received a 40% rent concession – although there were not any Pub Partners pubs in Tier 1.
- The 90% rent concession continued across the UK after lockdown three was introduced at the start of 2021.