Bury St Edmunds brewer Greene King slashes pub rents by 90 per cent
Bury St Edmunds brewer Greene King has slashed pub rents by 90 per cent in a multi-million pound investment.
The concession will apply to all the company’s tied pubs from June 11 until they can legally reopen.
It will continue for the first four weeks once they reopen. Following this period, 50 per cent rent reductions will be offered.
Rents have been deferred for Greene King tenants since March 17.
Wayne Shurvinton, managing director of Greene King Pub Partners, said: "By deferring rents before pubs were ordered to close we removed any immediate cashflow concerns for our partners and since then have reassured them that we would support them in every way possible when it came to rent and I’m very pleased to announce these latest measures today.
"None of us are immune to the financial implications of pubs closing and we all have to work together to survive this existential threat to our industry.
"I’m grateful to every single one of our tenants who has worked with us and trusted that we were doing all we could to look after them."
He said it was ‘critical’ the Government supported the industry.
“The support so far is extremely welcome but as a tenant ourselves with over 500 landlords, we have not received rent concessions in the way we are offering them to our tenants and further support on rent payments is needed to support the recovery of the pubs sector,” Mr Shurvinton added.
Tenants will receive eight weeks of ‘trade support’ when buying barrels of beer or cider from Greene King after they reopen.
The company has previously pledged to replace unopened out of date kegs.
More by this authorPaul Derrick