Greene King extends rent concessions for tied tenants

By Nikkie Thatcher

- Last updated on GMT

Funding help: Greene King estimated it had spent more than £25m in financial aid amid the coronavirus pandemic
Funding help: Greene King estimated it had spent more than £25m in financial aid amid the coronavirus pandemic

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

Greene King Pub Partners has extended its 90% rent concessions for tied tenants until the end of the third lockdown, the pubco has announced.

The firm said it has written to 1,000 tenants to confirm the discounts and estimated its total financial aid since the beginning of the pandemic in March last year now totals more than £25m.

Greene King, which operates about 2,700 pubs, restaurants and hotels across England, Wales and Scotland, also stated the concessions are in place for pubs regardless of whether they are offering a takeaway service or not.

The Morning Advertiser​ understands Greene King is dealing with its free-of-tie tenants on an individual basis.

Survival fight

This follows the pubco’s 90% rent concessions for tenants in tiers two and three​ when the Government’s tiered system was in place last month (December).

Greene King Pub Partners Wayne Shurvinton said: “The great British pub has been in a fight for survival since the first lockdown in March 2020.

“We have stood shoulder to shoulder with our partners since that date and we are determined to keep doing all we can to support them now.

“However, reducing rents alone will not be enough and without further Government support, pubs will continue losing money every week while they remain closed."

Further long-term support

Shurvington added: “The latest grants are a good step in the right direction but with no date for pubs to reopen, they will soon vanish on other overheads and outstanding bills.

“Pubs need guarantees of further long-term support from Government, such as an extension of the current VAT cut for hospitality and a continuation of the current business rates relief.

“As it stands, both of these would come to an end at about the point in the spring when it looks like pubs could finally be able to reopen.

“This could be the cruellest blow of all to hard-working publicans who reopen their pubs to welcome customers back in and suddenly see costs spiral.”

Greene King chief executive Nick Mackenzie previously told The Morning Advertiser the narrative around pubs and the pandemic needed to change​ amid the second lockdown.

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