The Arch Company to continue COVID-19 financial support
Many of our tenants’ lives and livelihoods have been severely impacted by COVID-19. As the economic uncertainty continues, some businesses, particularly those that are not allowed to open, will continue to require support.
The Arch Company is following the principles of the Government’s Commercial Property Code of Practice, which states that “tenants who are able to pay their rent in full should continue to do so, whilst those businesses that cannot pay in full should communicate with their landlord and pay what they can. Landlords should also provide support to businesses if they too are able to do so.”
As part of our commitment to be socially responsible long-term landlords of the estate, The Arch Company has so far provided three-month rent-free periods to 1,350 independent small business tenants severely affected, and other forms of support to many hundreds more.
Our objective since the start of this economic crisis has been to retain our diverse and independent tenant base. We want to hear from any tenants whose businesses are under threat and cannot afford to pay the rent. Tenants can contact us via our Coronavirus Support Unit.
In addition, any tenants with an outstanding rent review or lease renewal before April 2021 should remember that we have an affordability mechanism in our Tenants’ Charter to help those who cannot afford the market rent. Previously the affordability mechanism was only open to longstanding small business tenants, but due to the COVID-19 pandemic we are extending it to all tenants who have a lease event outstanding or due by 24 March 2021.
Our Coronavirus Support Unit page provides more information for tenants and how to apply for support.