Unpaid rents - next on the list of retail's troubles


With all non-essential retailers now closed, many tenants are unable to pay their rents. 

Primark have been amongst the retailers taking the difficult decision not to pay rent for any of their stores, reportedly holding back approximately £33 million in rent. 

However, it is unclear how this is going to effect leases and what action landlords can take going forward. For businesses like shopping centre owner Intu, who have reportedly received only 29% of their rents for this quarter, they are likely to do whatever they can, particularly now that they can no longer forfeit the lease for non-payment. Watch this space! 

Quote mark icon

Intu has removed its full-year financial guidance and warned that it may break banking covenants after receiving just 29% of its quarterly rent payments from tenants.
featured image