Coronavirus: Young’s offers rent holiday to tenants
London pub chain Young’s this morning announced a three month rent holiday for its tenants to help them cope with the impact on trading from coronavirus.
Young’s said it is expecting to close all of its sites at some point, although the government has so far only advised the public to avoid pubs.
The company’s pubs are still trading in a bid to “offer communities a place of sanctuary in these uncertain and worrying times”.
The brewery said it expected earnings to be down, but said it will be mitigated by the government’s decision to offer hospitality firms a 12-month business rates holiday.
Meanwhile, Young’s is aiming to reduce costs, optimise working capital and protect its financial position.
Patrick Dardis, chief executive of Young’s said: “These are challenging and uncertain times and we must all come together to do the right thing during the peak period of Covid-19.
“We have a resilient business underpinned by great people who we will support through this crisis.
“However, let’s be in no doubt that with pub closures imminent, albeit hopefully for only a short period, all businesses in our sector will be severely impacted.
“We must remember, as painful as this will be, that it will be temporary, and we look forward to welcoming all our customers back to our great pubs once we are through this. We remain confident in our strategy for the business.”