Shaftesbury collects 41% of rents in H1

By Georgia Cronin

- Last updated on GMT

Shaftesbury landlord London West End collects 41% of rents in H1

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West End pub and restaurant landlord Shaftesbury has said it remains confident in the long-term prospects of its portfolio, despite collecting less than half of its owed rent in the past six months.

For the six months to 30 September 2020, the company collected 41% of rents, with 10% expected to be subject to deferred collection arrangements.

A further 23% are being waived whilst 26% remain outstanding at 11 September 2020.

After an extended period of closure, most of its 611 restaurants, cafes, pubs and shops have now reopened, with bespoke packages of rental support in place.

In view of the growing uncertainty caused by additional restrictions, the company plans to extend its support arrangements for tenants by a further three months – until December 2020 – and has said a decision on further extension will be made in light of Christmas trading.

“The course of the pandemic in the short and medium term will continue to dictate the extent of restrictions imposed by the UK and other governments to contain the spread of the Covid-19 virus, with implications for the global economy and the pace of recovery,” said CEO Brian Bickell. “As an international destination, local trading conditions in the West End will inevitably be affected by these macro uncertainties.

“Longer term, the exceptional qualities and features of London and the West End provide firm foundations for recovery as pandemic disruption recedes. Their long history of embracing change, dynamism, creativity and their enduring global appeal will be their most important strengths in a post-pandemic world of new priorities, expectations and patterns of activity.

“Against this backdrop, and with the benefit of our experienced, entrepreneurial and innovative management team, we remain confident in the long-term prospects for our exceptional portfolio and business.”

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