Marston’s reduces rent rates by 10%

Marston’s has announced that it will reduce rent for its tied tenants and leaseholders by 10% in a bid to support tenancies during the pandemic.

The reduction in rates will last the entire period that England is in lockdown (5 November to 2 December).

Marston’s has provided aid throughout the pandemic to pubs across the country through schemes such as rent holidays, restocking allowances, and regional tier support.

In a letter to its tenants, Ed Hancock, operations director at the company, said: “Clearly no one wanted to be back in this position, I know how hard our pubs have worked to make sure they remain safe and enjoyable places for their customers to visit. 

“I also know the determination and creativity that our pubs have demonstrated over the last nine months and I have no doubt that our business will bounce back from this most recent enforced closure.’

A lucrative merger with Carlsberg UK in October presented the business with a £273m cash consideration upon completion of the deal.

In the same month, however, Marston’s revealed that 2,150 jobs were at risk as a result of the three-tiered restrictions system.