Ei Group, the parent company of Ei Publican Partnerships, was acquired by Stonegate Pub Company in March this year, making Stonegate the largest pub company in the UK with 1,270 managed sites and 3,457 leased and tenanted venues.
The three-month rent credit for April to June will be awarded to those pubs with a rateable value of £51,000 and above, making them ineligible for the Government’s grant schemes, and will be credited accordingly.
For the tied licensees who are eligible for the £25,000 grant (have a rateable value of between £15,001 and £51,000) will receive 50% trade credit for stock purchases.
Those in receipt of the £10,000 grant (have a rateable value of £15,000 or less) will receive 75% trade credit for stock purchases.
As well as this, tie release fees, and fixtures and fittings rentals, are cancelled for the same period (April to June), regardless of a publican’s entitlements to grants.
Financial relief
The planned price rise for May on tied products delivered to pubs has also been postponed until further notice.
Ei Publican Partnership managing director Nick Light said: “Our approach is founded on being reasonable and transparent.
“The support packages we are providing ensure consistency, while remaining objective, as well as taking into account the Government support grants of up to £25,000, which the Chancellor has stipulated are aimed at providing financial relief towards fixed costs, including rent.
“We are delighted to see more than 80% of our publicans who qualify for a grant have now received this payment.
“It is vital to us our pubs and publicans are in a position to trade successfully when pubs are allowed to reopen.
“The rent support and trade credit initiatives are intended to provide our publicans with a strong platform to do so and to help relieve some of the financial pressure required to restock and restart.”
Previous announcement
Light went on to say it was crucial enough time was given to ensure supply chains were in a position to remove and replenish stock, staff were fully trained and all businesses that are permitted to open are compliant with safety requirements.
Ei Group previously announced it was continuing to suspend the collection of rent and ancillary charges (April).
In a letter seen by The Morning Advertiser, which was dated Thursday 9 April and signed by Ei Publican Partnerships managing director Nick Light, the group said this included insurance, tie release fees, fixtures and fittings rental and purchase agreements where applicable.
It added it would be deferring the collection of service fees for those pubs with service contracts arranged through Ei Group for services such as annual testing of specified matters of a health and safety aspect, boilers and cellar cooling.
