Struggling London stores, bars and restaurants were thrashing out deals with their landlords as over £1 billion of quarterly rents fell that were due on Wednesday
Some of London’s largest landowners, the Duke of Westminster’s property group Grosvenor and Cadogan Estates, laid out plans to help under-pressure businesses with rent holidays, but others remain locked in talks.
Help from Mayfair and Belgravia landlord Grosvenor, and Cadogan, which owns large parts of Chelsea and Knightsbridge, comes as tenants struggle with no trade due to covid-19.
Grosvenor’s UK chief executive James Raynor said: “Waiving this quarter’s rent for hundreds of independent and smaller businesses is the first step in what will be a long-term, multi-faceted approach from Grosvenor to support the future of the West End.”
Family-owned Cadogan has agreed to rent-free periods for restaurants, bars and cafes over the next three months. That will also apply to some smaller retail and leisure firms.
In addition, a switch from quarterly to monthly rents for retailers and many small businesses will be introduced.
Hugh Seaborn, chief executive of Cadogan, said: “We are doing whatever it takes to ensure the future vibrancy of the area.”
He added: “It is heartbreaking to see the potential damage to communities and to help avoid this we continue to stand shoulder-to-shoulder with the numerous shops and restaurants that are at the very heart of the area.”
