23rd Dec 2020 10:59
(Alliance News) - Whitbread PLC, owner of Premier Inn and the Beefeater and Brewers Fayre restaurant chains, has asked its landlords for a 50% rent cut for the next three months as the travel & leisure sector remains under severe pressure from Covid-19, the Times reported Wednesday.
Whitbread previously had paid its rent in full, unlike many peers, the newspaper noted. However, in a letter to its landlords seen by the Times, Whitbread asked for support, citing the tier restrictions in the UK and the cost of personal protective equipment.
The Times said the letter was first reported by property trade publication Costar.
A spokeswoman for Whitbread confirmed to the newspaper: "With government restrictions expected to result in subdued market demand into the first half of 2021, we are now asking our landlords to support us, as other stakeholders have during the pandemic, through a reduction in rent for the December quarter in recognition of the current environment."
https://www.thetimes.co.uk/article/whitbread-seeks-to-cut-rent-by-half-slh6s528v
By Tom Waite; [email protected]
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