Greene King announces 40% rent concession for tied tenants

By Nikkie Thatcher

- Last updated on GMT

Pubco statement: Greene King said it has provided about £21m worth of support to tenants amid the pandemic
Pubco statement: Greene King said it has provided about £21m worth of support to tenants amid the pandemic

Related tags: Greene king, Rent, Legislation, Pubco + head office, Tenanted + leased

Pubco Greene King has revealed £6m worth of financial support for its 975 tied tenants following the coronavirus lockdown including tapered rent concessions.

Greene King Pub Partners managing director Wayne Shurvinton has written to tenants to confirm a 40% rent concession will be in place for a further four weeks after the current support ends. After this, there will then be a 30% rent concession for a further four weeks, ending in October.

Tied tenants buying barrels of beer or cider will also continue to receive a £35 trade credit until 2021.

Total support

The pubco said this brings its total support for tied tenants since lockdown to about £21m, as well as the aid from the Government.

It outlined that tied tenants received a 90% rent concession from 11 June until four weeks after they could reopen, followed by a 50% discount for the next four weeks, with the new 40% concession coming into force once the 50% discount comes to an end.

Shurvinton said: “Our partners have put amazing effort into rebuilding their businesses after being closed for more than 100 days.

“From the outset, we have always said we will provide as much support for our tenants as possible and would make decisions in a fair and transparent way, using all the available information."

Looking ahead

Shurvinton added: “I’m delighted we now have 95% of our pubs trading again and our partners are currently trading well, thanks to making use of outside space and good weather.

“However, we recognise the next few months will be challenging as we head towards autumn and winter and more support is required, particularly as once outside spaces become less usable than the number of customers will be significantly reduced to maintain social distancing.

“We will continue to stand shoulder to shoulder with our tied partners and provide them with as much assistance as we can and I’m very pleased to announce this next wave of support.”

Related topics: Greene King

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