Greene King offers further rent concessions

By James McAllister

- Last updated on GMT

Greene King offers a further £6m in rent concessions for tied tenants

Related tags: Greene king, Coronavirus, Rent

Pubco and brewer Greene King has offered its tied tenants an additional £6m of financial support.

Writing to all Greene King’s tied pub tenants, MD Wayne Shurvinton confirmed a 40% rent concession will be in place for a further four weeks after the current support comes to an end this month.

This  will be followed by a 30% rent concession for the four weeks after that, taking support through until October.

The group's tied tenants were previously given a 90% rent reduction​ that came into effect back in June, and lasted until four weeks after sites we able to legally reopen.

From there the concession was reduced to 50% for a further four weeks.

Shurvinton added that tied tenants buying barrels of beer or cider from Greene King will also continue receiving a trade credit of £35 per barrel through to 2021.

“Our partners have put amazing effort into rebuilding their businesses after being closed for more than 100 days,” says Shurvinton.

“I’m delighted we now have around 95% of our pubs trading again and our partners are currently trading well, thanks to making use of outside space and good weather.

“However, we recognise that the next few months will be challenging as we head towards autumn and winter and that more support is required, particularly as once outside spaces become less usable then the number of customers will be significantly reduced to maintain social distancing.

“We will continue to stand shoulder to shoulder with our tied partners and provide them with as much assistance as we can and I’m very pleased to announce this next wave of support.”

In total, Greene King’s support for its 975 tied tenants has cost £21m since the lockdown started in March. 

Related topics: Business

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