Betfred defer rent payments due to COVID-19
Bedfred has written to all retail landlords requesting a rental holiday as sporting fixtures fail to take place due to covid 19.
According to the Manchester Evening News, Group chief operating officer Mark Stebbings wrote: “With virtually all major sporting events either being cancelled or suspended, including all British Horse Racing until at least the 30 April 2020, we have had no option but put on hold all Occupational Costs (including rents, service charge & Insurance) for our retail estate for the next scheduled payment date.
“This includes all properties due to be paid on the 25 March 2020 any properties where we currently pay on monthly terms.
“This decision has not been taken lightly and I would emphasise at this time we are not looking for a rental deduction.
“We require a rental ‘holiday’ to allow us to get over the current challenges which are unprecedented in modern times.
“Our intention is, when normal trading conditions are resumed, and the sporting calendar has returned to normal to make up the shortfall.”
“I understand this will not be welcome news, and you yourselves will be under substantial pressure caused by the Coronavirus (COVID-19).”