Stonegate Pub Company has extended its support for publicans within its leased and tenanted business, Ei Publican Partnerships, creating an overall support package, which has been implemented during the COVID-19 lockdown, in excess of £28 million.
The latest provision, in light of new Government secure guidance and confirmation that all pubs in England will be able to reopen from 4th July, includes rent credit equivalent to 75% for July and 50% for August for all tied publicans on substantive agreements.
In addition, such credits have also been applied to Tie Release Fees and Fixtures & Fittings rental charges and to assist with future cashflow over the next 12 months all rent invoices will be produced weekly instead of monthly or quarterly.
The company is also using its scale as a managed house operator to offer its publicans some significant non-contractual discounts on wines, spirits and minerals for a promotional period.
This package follows the multi-million-pound rent and credit support that Ei Publican Partnerships provided to publicans from April to June including for those operators who were unable to secure a Government grant, receiving a three-month rent credit for the same period.
Those who were entitled to grants of £10,000 or £25,000, received trade credits of either 75% or 50% to the value of three months’ rent. A number of ancillary charges were also cancelled as well as May’s planned price rise on tied products delivered to pubs.
Nick Light, Managing Director of Ei Publican Partnerships, said: “We have consistently taken a measured approach to all Government advice during lockdown and implemented our support procedures accordingly.
“We will continue to work closely with our publicans, drawing on the expertise of our managed house teams, to ensure they emerge from this crisis as fully prepared as possible and ready to re-commence trading.”
This continuous financial support is just one of many proactive support initiatives for its pubs that the company has recently announced.
Each pub has been provided with a free restart kit to ensure they are equipped with essential supplies such as Personal Protective Equipment (PPE) as they start to restart their businesses, as well as a range of beneficial information including a comprehensive reopening guide and checklist.
There has also been the launch of Round, a bespoke contactless ordering app across the estate to safeguard both publicans and customers alike.
Reopening: Measure twice cut once
Stonegate extend pub support – 25 June 2020 – Stonegate extend pub support