For those of you who rent premises and sit as a tenant within property – may I suggest you do two things, if you have not already
Firstly, you should all be approaching your landlords now with requests for either monthly rental payments (as opposed to quarterly) to ease cashflow OR a more substantial rent deferral / holiday during these unprecedented times.
Even if your March quarter rent has been demanded; may I recommend you speak with the landlords agent on the above basis. It is a time to be working together – collective community is the best way through this crisis – many of the larger landlords (the institutional investors and property companies) will have sympathy with your current difficulties of trade or inability to occupy space.
Many of the property industry governing bodies (BPF, BSC, etc) will be encouraging landlords to take a softer approach to their tenants; frankly, those not willing to work with you in this short run will be forgotten in the long run.
Secondly, the Chancellor announced a raft of changes to Business Rates (the property tax one pays on commercial premises) last week. Much of the detail is to be clarified at the release of a Government document today. It should mean that those of you within the retail, hospitality and leisure sectors will be able to seek business rate relief to reduce costs.
Finally, we understand the Government is also considering a raft of announcements today regarding financially supporting businesses; focusing on help with staffing costs.
As I sit here at my kitchen table; working from home and as my wonderful staff do likewise; I am reminded by that inspirational quote…
“Remember, no storm lasts forever. Hold on. Be brave. Have faith. Every storm is temporary and we are never alone”