TfL follows Network Rail and cancels first quarter rents

Transport for London (TfL) has cancelled rent payments for small and medium-sized businesses on its estate from 25 March to 23 June.

The company has about 2,000 retail units and 800 arches, with the majority (86%) of its tenants small to medium-sized businesses.

TfL customer performance manager Tom Atkinson said: “Even before we announced this rent relief our tenants in F&B were mobilising to help their communities during this crisis. Two examples were Berber & Q keeping its kitchen open to send free meals to NHS hospitals for workers and 58 Gin making hand sanitiser for Humberside Police and more for sale, with 10% of each sale going to The Drinks Trust.”

On Monday (23 March), Network Rail announced it was cancelling all first-quarter rent payments due from tenants in its commercial estate portfolio, providing significant relief for small businesses worried about footfall during the pandemic.