Retailers and landlords call on government to underwrite retail rents

Rishi Sunank chancellor 1

Retailers and landlords have written to the chancellor pleading for help with rents, saying the future of the high street will be decided in “weeks rather than years”.

In a letter to Rishi Sunak, a coalition of the UK’s biggest retailers and property owners warned that “many viable companies” will be forced by the ongoing coronavirus shutdown to file for administration if the government does not do more to save the embattled high street.

In a letter co-signed by the British Retail Consortium, British Property Federation and Revo, the scale of the damage being done to the retail sector is described as “grave” with many businesses, already operating on small margins, being driven to the point of destruction.

“There is a real risk that businesses that were fundamentally sound prior to the start of the coronavirus outbreak will not be able to survive even a short period without urgent, more fundamental support, with important consequential effects for their landlords and their landlords’ lenders”.

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