United Baristas founder Tim Ridley speaks with London property expert Rob Fay on how to manage your March quarter rent, and landlord relations, during the Covid-19 lockdown
Over recent weeks there has been discussion amongst coffee shop owners about payment of their March quarter rent, and how to manage their landlord relationships.
In this edited Zoom chat, United Baristas founder Tim Ridley chats with London property expert Rob Fay, Shackleton Property, on how landlords are managing the lockdown, what the moratorium means for coffee businesses, and what’s to be expected in the coming months.
- There has been a wide variety of responses from landlords
- Businesses that have not paid their March quarter rent can not be evicted
- However, it is currently uncertain when the March quarter rent will become payable – obviously it will create additional stresses for many business if it needs to be paid in the short term
- This means many rent negotiations are presently on hold until there is a (probably) government announcement on June quarter rent. Will there be another moratorium? Will there be other measures, such as rent reductions or holidays? Or will there be no additional measures from central government?
- If you are under financial pressure, open dialogue with your landlord and be clear about your situation and transparent with your figures
- Remember, it would be preferable for many landlords to retain you as a tenant with concessions, rather than take back the unit and have to market the premises in the current climate
We hope this provides additional clarity on the present situation and, obviously, there is much more to unfold as the situation develops in the coming weeks and months.