Relief package for landlords in pub chain
By reporter | 20th April 2020
Some of Gloucestershire's well-known pubs have been handed a financial lifeline by owners The Liberation Group with the aim of getting them through the coronavirus crisis.
Rent has been put on hold for up to six months for establishments under the Butcombe Pubs and Inns brand as well as a number of other measures being agreed on a pub by pub basis.
The package has been revealed today by The Liberation Group as a response to the enforced closure during Covid-19 that is taking its toll on so many businesses.
Pubs that will benefit from the scheme are: The White Horse, Wotton-under-Edge and The Old Restoration in Cheltenham.
Christine Oxford, managing director of Tenanted Pubs for the group said: "Our industry has been heavily impacted by this enforced closure. Our top priority is the well-being of our business partners and subsequently their team members and customers. I'm confident that the support we're offering today will help protect them during this challenging time.
"In terms of our tenanted business and our relationship with them, our absolute priority is to ensure our business partners not only survive this period of closure but that they come through this in a strong position to continue to trade with us in the future. With this in mind, we have agreed a significant package of support with the Liberation Group board."
The package of support includes:
• Liberation Group and Butcombe will not collect any rent for the duration of the closure to the maximum term of 6 months
• 50 per cent of the headline rent will be cancelled
• A further package of bespoke support measures will be available on an individual basis which could include long term deferral of the outstanding rent subject to conditions.
This unprecedented support is in addition to support offered by the Government such as suspension of business rates, grants, business interruption loans and its job retention scheme.
Christine Oxford added: "This proposed support package demonstrates our commitment to our partners and the excellent businesses they run.
"Rest assured we're doing everything we can to protect them and to ensure that, once this is all over, they're in the best possible position to run pubs we can all be proud of."
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