New River reports “encouraging” trading since reopening

New River has said over 90% of its pubs have reopened, and plans to reopen its pubs in Scotland and Wales over the next two weeks.

It said of the total quarterly rent due on 24 June 2020, 71% had either been collected or alternative payment terms had been agreed with occupiers.

It added that further progress had been made in terms of collecting rents for the period from 25 March to 1 June, which had increased to 57%, from the 52% previously reported in its full year results, and rent outstanding had improved to 18%, down from 21%.

It said it was “confident that rent collection rates for this period will improve further as normal trading conditions resume and the UK Government’s moratorium on forfeiture of commercial leases ends on 30 September 2020.”

Since reopening, it said trading in pubs had been “encouraging so far, with our operator managed pubs delivering like-for-like sales growth of 4% over the reopening weekend, compared to the equivalent weekend last year. This performance reflects our focus on wet-led community pubs, and the fact that over 70% of our sites have outside space.

“We were pleased with the Chancellor’s announcement yesterday of further support for the hospitality sector, which will be beneficial to our tenants and pub partners, and also recognises the vital role that hospitality plays in the UK economy.”