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UK business group warns of tsunami of closures due to back rent
Robert Besser
03 Jun 2021, 04:33 GMT+10
Industry lobby group the British Retail Consortium urged the government to extend a moratorium on aggressive debt enforcement to prevent closures in the retail sector
Citing survey data, the group said two-thirds of British retailers have been told by landlords they will be subject to legal measures to recover unpaid rent from July 1 when the moratorium ends
Several non essential UK retailers had to close their stores last month due to the multiple lockdowns, accruing total rent debt of $4.1 billion
LONDON, England: Industry lobby group the British Retail Consortium (BRC) on Sunday urged the government to extend a moratorium on aggressive debt enforcement to prevent a tsunami of closures in the retail sector.
UK business group seeks more time to prevent tsunami of closures
03 Jun 2021, 04:33 GMT+10
LONDON, England: Industry lobby group the British Retail Consortium (BRC) on Sunday urged the government to extend a moratorium on aggressive debt enforcement to prevent a tsunami of closures in the retail sector.
Citing survey data, the group said two-thirds of British retailers have been told by landlords they will be subject to legal measures to recover unpaid rent from July 1 when the moratorium ends. Some 80 percent of tenants have been given less than one year to pay back rent arrears, the BRC s survey noted.
Several non essential UK retailers had to close their stores last month due to the multiple lockdowns, accruing total rent debt of $4.1 billion, the BRC said.