Punch offers tenants 75% rent credit for July

Punch Pubs is offering tied pub tenants three quarters (75%) rent credit for July, reduced each month beyond autumn.

The pubco has already announced it was continuing the suspension of rent, insurance, fixtures and fittings rental and licensing fees amid the crisis.

Punch CEO Clive Chesser said the company had maintained a “progressive and individual approach” in support pubs partners through the crisis.

After deferring all rent and associated costs, Chesser said Punch had provided a “significant amount of rent support” where most needed.

He said: “We are continuing to make decisions on an evolving basis. As the Government support falls away and we plan for the vitally important reopening phase, and looking ahead into what is expected to be an unpredictable trading time for all pubs, we have this week, shared the details of the next stage of our ongoing support with our publicans.

“Together with practical support and guidance, this includes further significant rent support to all tied pubs on substantive agreements from 4 July, with initial support of 75% rent credit for July, tapering down each month into the autumn and beyond.”

Punch said it continued to defer all rent and associated costs until the point of safe reopening, as well as providing a services and support such as credit for unopened stock and risk assessment planning.

Chesser added that the business would work with each of its publicans on an individual basis to agree a “fair approach to any balance of rent outstanding”.

He added: “Throughout all this, our aim remains the same and that is to get Punch and our pubs through this global pandemic together, in a sustainable manner.

“We remain fully committed to achieving this goal and stand ready to provide further support in a progressive and dynamic manner as events unfold over time.”