Stonegate Pub Company has announced further business support within its leased and tenanted business, Ei Publican Partnerships, in response to the Prime Minister’s announcement on Saturday that hospitality venues in England must close from Thursday 5 November until Wednesday 2 December 2020.
The additional support includes rent credits of 90% for rent, tie release fees and fixtures and fittings rental charges for all tied publicans operating substantive agreements in England, during the four-week lockdown period.
This financial support has created an overall package from the Company worth in excess of £42.5 million.
Nick Light, Managing Director of Ei Publican Partnerships, said: “We continue to stand by our publicans, and we are taking the responsibility of supporting our businesses very seriously as the trading landscape continues to change. Once again, the hospitality industry is being told to bear the financial brunt of further regulations in the Government’s response to COVID-19.
To further support its businesses, Stonegate Pub Company has also suspended its annual price review meaning that publicans continue to operate on tied supply prices that were last increased in April 2019. It has also continued to utilise its scale as a managed operator to extend various promotions to its tied tenants on selected products for Halloween and the run up to Christmas.
Nick continued: “The Government’s decision at the weekend to also not allow alcohol to be part of any takeaways from pubs yet permit the purchasing of alcohol from supermarkets and delivery services is a double standard. The British Beer and Pub Association has estimated that over 70 million pints of beer were poured down the drain in March, given the short notice this time, there will be huge amounts of further wastage, if the Government does not change this ruling.”
To date, Stonegate Pub Company has continuously supported its businesses with rent reductions and trade credits since pubs were forced to close for the first time back in March. The Company continues to lobby Government for further tailored support for hospitality across the UK.