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- Coronavirus Support Unit up and running
Coronavirus Support Unit up and running
The current Coronavirus crisis is an unprecedented challenge – a public health and economic emergency not experienced in our lifetimes – but we are here to support you and your business and to help you come through the other side. It is our hope that our estate continues to look very much the same at the end of this crisis with its diverse and independent business that make the arches unique.
We have put together a package of immediate support for small businesses severely affected. This includes the opportunity to defer rental payments, to switch from quarterly to monthly payments, and a Coronavirus Support Unit to help tenants access support from government and ourselves.
The government recently announced a substantial package of measures to help small and medium sized businesses through the critical next few months, including a job retention scheme, and significant cash grants and loans. You can find more details here.
Following constructive dialogue in the last few days with stakeholder groups and hundreds of tenants, and further government announcements, we have clarified our support package for small businesses severely affected by Coronavirus. It includes the following possible assistance:
- Three month rent deferrals
- Switching from quarterly to monthly rental payments for the next six months and to apply deposits to the payment of rent, at a tenant’s request
- Help in accessing government financial assistance through the Coronavirus Support Unit
- Rent review negotiations to be postponed for six months at a tenant’s request
- Tenants with leases expiring to be offered tenancies at will until the end of September
- Suspension of bailiff actions and evictions due to non-payment of rent for the next three months
- Deferrals considered on historic debts, including back rent
In addition, we have allocated several million pounds of additional support for tenants who, even after government support, may still face hardship. This will be administered through the Coronavirus Support Unit.
A collective national effort is needed to come through the crisis and we stand ready to take further measures to stand behind our tenants. We will continue to evaluate our approach as the situation evolves.
To access the Coronavirus Support Unit, please click here.