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Belhaven announces rent cut to help 120 pubs
Good news for tied pub landlords
Belhaven Pub Partners is slashing rent bills to near-zero for all its tied pubs from 11 June.
The 90% concession will remain in place for the first four weeks after pubs legally reopen, before being reduced to 50% relief for the following four weeks. The move will benefit around 120 pubs.
Managing director of Belhaven Pub Partners Wayne Shurvinton said businesses have to “stick together” to survive this difficult period.
Pubs and restaurants may open outdoor spaces from the end of June as part of a four-step plan that will allow them to reopen indoor spaces from around the middle of July, before a full reopening in early August.
Belhaven said its Partner Support Fund has so far provided about £4 million of rent concessions.
Mr Shurvinton said: “From the outset balancing as much support for our tenants as we possibly could alongside ensuring the long-term survival of Belhaven has been our priority.
“By deferring rents before pubs were ordered to close, we removed any immediate cashflow concerns for our partners and since then have reassured them that we would support them in every way possible when it came to rent, and I’m very pleased to announce these latest measures.
“None of us are immune to the financial implications of pubs closing and we all have to work together to survive this existential threat to our industry.
“I am grateful to every single one of our tenants who has worked with us and trusted that we were doing all we could to look after them.”
Hostelries leased out by the group include the White Hart and Malt Shovel in Edinburgh.