Under the terms of the package, a three-month rent credit for April to June will be given to those pubs with a rateable value of £51,000 and therefore not in receipt of a Government grant.
Those that are entitled to grants, which range between £10,000 and £25,000 depending on the rateable value of a business’ property, will respectively receive trade credits of either 75% or 50% of the value of three months’ rent.
Additionally, tie release fees and fixtures and fittings rentals are cancelled for the same period regardless of a publican’s entitlement to grants; and May’s planned price rise on tied products delivered to pubs has also been postponed until further notice.
Stonegate says the support plan follows a detailed analysis across a sample of pubs and consultation with publicans, and that the rateable value methodology applied in calculating Government grants was used for the basis of the analysis.
“Our approach is founded on being both reasonable and transparent,” says Nick Light, managing director of Ei Publican Partnerships.
"The support packages we are providing ensure consistency, whilst remaining objective, as well as taking into account the Government support grants of up to £25,000, which are now filtering through to businesses, and which the Chancellor has stipulated are aimed at providing financial relief towards fixed costs, including rent.
“We are delighted to see that over 80% of our publicans who qualify for a grant have now received this payment.
“It is vital to us that our pubs and our publicans are in a position to trade successfully when pubs are allowed to re-open. The rent support and trade credit initiatives are intended to provide our publicans with a strong platform to do so, and to help relieve some of the financial pressure required to restock and restart.”
Light also added it was crucial enough time was given to ensure supply chains were in a position to remove and replenish stock; staff were fully trained; and all businesses that are permitted to open are compliant with safety requirements.
