Landlords are preparing to issue their invoices for the December rent quarter day (25th) during the mad rush over the festive period. Many retailers are relying on Christmas shopping to deliver the profits they need.
Business rates are still staggeringly high for small retailers, along with expensive rent costs. If your business is struggling, you may be able to negotiate monthly instead of quarterly payments (with little or no penalties) which would help ease pressure.
Even if there is interest charged on the overdue rent, it may still be the best solution to keep the business afloat.
It also may be possible to ask for a rent concession if, for example, you’re a retailer in a shopping centre and the landlord owns the whole building. The landlord won’t want a centre full of empty shops so they will want to keep you and the other retailers happy. You will need up to date accounts and proof of your financial problems.
Visit our retailer rescue page for more information on how a company voluntary arrangement (CVA) can benefit your business.