Covid-19: Hospitality And Retail Businesses Face Tidal Wave Of Evictions In New Year

30th November 2020

Commercial rent arrears are estimated to have grown by £1.5bn every quarter this year following a ban on evictions imposed to cushion the blow of the pandemic for high street traders.

With that set to expire in January, business owners have told Sky News that landlords who refuse to negotiate new leases despite a collapse in tenants' revenues will force otherwise viable companies out of business.

Landlords' representatives meanwhile, say the moratorium has allowed tenants that can afford to pay to withhold rent, leaving property owners bearing even greater losses during the pandemic.

The warning comes as Sir Philip Green's Arcadia Group became the highest-profile retailer to consider administration as a consequence of the COVID squeeze on revenue.

Read the full article from Sky News HERE

Same problem in the USA

See the Washington Post article

The next big problem for the economy Businesses can't pay their rent