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Get your free copy19 December 2008, 19:51 PM
- The British Retail Consortium (BRC) has produced a template letter to enable tenants to approach landlords about switching from paying rents quarterly in advance to monthly.
The consortium has also worked with legal advisers to produce a draft deed that provides for a legally binding agreement to changes in payment terms. This is the latest stage in the BRC’s three-year campaign to persuade landlords to end the practice of requiring rents to be paid quarterly in advance, adding extra costs and creating real cash flow difficulties for retailers.
“The BRC has made significant progress in establishing monthly rents as the norm, but today’s tough trading conditions mean the impact of paying three months in advance is that much greater,” says BRC director general, Stephen Robertson. “Seeing retailers driven to the wall is in no-one’s interest. By agreeing to a fairer rents regime landlords will be contributing to the retail prosperity on which they themselves depend.
“With these draft letters, we are offering the BRC’s help to all retailers, but especially those who are unlikely to have the expertise or time to tackle landlords over making this change.”
For more details visit www.rentmonthly.org.uk.
