Ei Publican Partnerships’ rent support spend passes £32.5m
The announcement of Ei’s latest measure to support about 4,000 tenants through the Covid-19 crisis follows the offer of 100% rent credits between April and June to publicans ineligible for Government grants as well as trade credits of either 75% or 50% for those who received grants of either £10,000 or £25,000 respectively.
What’s more, to further support publicans reopening their sites, all operators on substantive agreements received a 75% rent credit in July and 50% in August.
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.
Committed to working together
Discussing Ei Publican Partnerships’ latest measures, managing director Nick Light said: “We know from discussions with our publicans that our support, and that provided by the Government, has made a critical difference to cash flow and given publicans the initial confidence to reopen into an uncertain, socially distanced market.
“About 96% of our publicans are trading and we continue to support the increasingly few pubs who have so far been unable to do so, primarily as a result of their trading format.
“We have been enormously impressed by the determination shown by our publicans to attract customers safely back into their pubs and bars and have been encouraged by initial trading levels.
“Good weather and the popularity of the Eat Out To Help Out scheme have undoubtedly helped, and those making the most of their outdoor areas seem to be reaping the benefits.
“We do not underestimate the ongoing challenges that the industry is facing however and we remain committed to working closely with our publicans as they navigate their way through the ongoing uncertainty.”
Support spend
News of Ei Publican Partnerships’ latest measures come after Heineken’s pub arm, Star Pubs & Bars, outlined the next phase of its tapered rent relief plan for operators throughout September and October – including a further £4m investment in rental concessions taking its overall rent concession spending to around the £25m mark.
What’s more, as previously reported by The Morning Advertiser, over £20m in financial support has already been provided to pub tenants by the Independent Family Brewers of Britain, which comprises 29 historic regional brewers, including Charles Wells, Shepherd Neame and St Austell, during lockdown.
