COVID-19 SUPPORT FOR TENANTS
OCTOBER 2020 – UPDATE:As at today, over 50% of Wellington Tenants have agreed to a package of rent free and rent concessions along with an extended lease agreement to assist them during this time and to allow them to recover from the significant drop in trade experienced during the enforced closure of hospitality businesses between March 21st and July 3rd 2020.
We are continuing to work with the remaining Tenants to support them and agree a mutually satisfactory outcome that keeps their pubs open and our tenants successfully in business. 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.
We wholly appreciate the anxiety and indeed the concern shared by publicans across the country at this time. We value every single one of our tenants and are determined to work with them through this unprecedented crisis.
We have already confirmed that until meaningful dialogue has taken place, 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 specifically the period relating to the shutdown of hospitality businesses across the UK from March – July.
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.
Wellington Pub Company, as a business, also has obligations in the form of a securitisation for which payments must be made quarterly and as per earlier statements, invoices continue to be raised in accordance with lease / tenancy agreements and other legal requirements.
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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