Wells & Co announces rent concession for its partners

By Rebecca Weller contact

- Last updated on GMT

Wells & Co offers 10% rent concession: Omicron grants welcomed but don't 'reflect the true statistic' of what businesses lost during December (Credit: Getty/Andrew Brookes)
Wells & Co offers 10% rent concession: Omicron grants welcomed but don't 'reflect the true statistic' of what businesses lost during December (Credit: Getty/Andrew Brookes)

Related tags: Multi-site pub operators, Rent concessions, Finance, Coronavirus

Pub operator Wells & Co has announced a 10% rent concession for all its 130 leased and tenanted sites across the UK.

The announcement comes after a disappointing trading period in December 2021 due to the additional coronavirus restrictions, teamed with Government advice to reduce social interaction at the time, which caused many bookings to be cancelled over the festive period.

However, this was not the first time the family-owned operator has supported its partners, as Wells & Co previously supported its partners by discounting rent from October to May 2021 by 66%, which meant its partners benefited form paying 34% rent for 8 months.

Lockdown by proxy 

Wells & Co retail board director Shirley Couchman said: “We were essentially sent into a lockdown by proxy.

“The Omicron variant meant guests wished to stay at home more during, what is normally, a very busy trading period.

“Our pubs, as well as others, make the majority of their money during the festive season which helps to see them through the colder, darker, and less busy times of trading during the first few months of 2022. 

Appreciative feedback 

“While the £6,000 grant is of course welcomed, it doesn’t reflect the true statistic of what our businesses lost during the month of December.

“Plan B and the lockdown by proxy was the reason we gave our pub partners a 10% rent concession for the start of the new year.”

Since it was founded in 1876, the operator has expanded its portfolio to include 190 pubs in the UK and a further 17 in France, one of which, an English-style pub the Bombardier, Paris, was recently featured in season two of the Netflix show ‘Emily in Paris’​.

Couchman added: “We hope this concession will help our partners and we have had very appreciative feedback from our partners so far.”

Related topics: Other operators

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