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Star Pubs & Bars Announces Further £4M Autumn Rent Concessions for Leased & Tenanted Pubs
News , Investments
Star Pubs & Bars is investing a further £4m in rent reductions for its leased and tenanted pubs in September and October
Bringing total rent support to £25m until the end of October
The company’s previous rent support had been due to come to an end at the end of August once pubs were open and trading. This latest concession is designed to help licensees continue to adapt to the ‘new normal’ trading environment.
With most pubs open and benefiting from ongoing Government support including a business rates holiday, reduced VAT, loans and the furlough bounceback scheme, the company is tapering its rent relief in September and October. The company’s 50%, 75% and 90% plus rent reductions will reduce down to 40%, 55% and 70% rent reductions in September and then 30%, 35% and 50% in October.
Lawson Mountstevens, Managing Director of Star Pubs & Bars says: “We have invested heavily in helping licensees through these difficult times. Throughout, we have been transparent and consistent with the rent reductions that we have offered. We hope this latest tapered rent relief will help licensees plan ahead as much they are able to, and we will continue to review our overall support as we have done since the beginning. Now seems the right time to offer tapered support as the feedback from our estate has been encouraging overall with consumer confidence growing and many licensees trading near to pre-lock down levels.”
North West multiple operator, Ross Robinson, of Red Fox & Peacock who has four pubs with Star Pubs & Bars said; “We were happy with the rent concession Star Pubs & Bars gave us for our one pub that received a Government grant and believe they went above and beyond with the greater rent concessions they provided to us for our other pubs which were ineligible for Government grants.”