COVID-19 SUPPORT FOR TENANTS
14 MAY 2020 – TENANT UPDATE:June invoices have been raised in accordance with lease / tenancy agreements and other legal requirements, notwithstanding the company’s position remains as detailed below.
We wholly appreciate the anxiety and indeed the concern shared by publicans across the country. We value every single one of our tenants and are determined to work with them through this unprecedented crisis.
We have already confirmed that Wellington will not be taking any action with regard to rent arrears that may have arisen since the start of the Covid-19 crisis and the shutdown of businesses across the UK. We can also confirm that post this crisis we will work with our tenants on an individual basis, to support them and agree a mutually satisfactory outcome that keeps pubs open and our tenants successfully in business. As you can appreciate, this is a challenging target, but we can assure you that we have a dedicated and experienced team in Criterion, who are committed to working hard and supporting our tenants through this crisis.
As such, we want to take this opportunity to be absolutely clear that we want to work together with our tenants as we do not want to see them lose their businesses solely due to the Covid-19 crisis. If it becomes clear, during the course of discussions with individual tenants that they will be unable to meet their rental arrears arising during the lockdown period, then we will not look to pursue these. As part of these discussions we will seek to support our tenants by offering a 3 month rent-free period, as appropriate. We have an incredibly broad range of tenants across our estate of differing size and scale, which is why a case by case approach is required.
Wellington Pub Company as a business also has obligations in the form of a securitisation for which payments must be made quarterly.
Just like our tenants, we eagerly await further news from Government in respect of when restrictions to the industry will be lifted.
We hope that this gives everyone some comfort to plan ahead and build for the future.
A wide range of pub opportunities located throughout England and Wales. A wide variety of different pub sizes and styles including town centre, urban and village settings, destination “food-led” sites and wet-led community pubs. Your business model need not be a pub only, the Free of Tie lease allows you to move into a mixed bar/restaurant business or 100% restaurant format; you have the freedom to choose. You have the autonomy to run your business the way you want to, but in the knowledge that you have a dedicated Property Manager as a point of contact. Ability to charge the lease to an authorised bank or other authorised lender. Free of all trading ties allowing you the freedom to source your own preferred product range from any supplier.
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