issue 35
CLHNews
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CLHNews
Rent “Judgement Day” Looms Unless Moratoria are Extended
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Trade industry body UKHospitality is warning that the hospitality and on trade sector is on a countdown to a devastating rent tipping-point that will trigger a new year bloodbath of hospitality business failures and potentially hundreds of thousands more jobs lost unless the rent moratorium introduced by the government in March is extended. The moratorium was introduced to prevent landlords from repossessing commercial properties if businesses were unable to pay the rent due to the effects and impact of the pandemic. Government has so far shielded businesses from eviction and the worst aggressive enforcement activity by landlords over the past nine months through the lease forfeiture and debt enforcement moratoria. However, these come to an end on 31st December, with the hospitality sector still debilitated by severe restrictions on its ability to trade.
pitality, estimated at around £1.6 billion. This will increase further with December’s rent quarter payment date looming (25th Dec). The debt burden is mostly held by otherwise viable businesses that cannot pay rent bills due to lack of revenue during many weeks of closure and suppressed sales under tier restrictions. Throughout this period, UKH says many landlords have made it clear that they intend to use the end of the moratoria to issue winding-up petitions and eviction notices to tenants, both large high-street chains and individual businesses. The trade association is calling for urgent action by Government to preserve as many jobs and businesses as possible into 2021; encourage commercial landlords and tenants to come together to discuss rent debt and future rental agreements; and help to resolve Covid-19 related debt in a pragmatic and equitable fashion.
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There is still substantial unsettled rent from the Covid crisis period within hos-
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