Young’s suspends rent for tenants

Pub operator Young’s has announced a new set of measures to support its team across London and the south east.

In its latest announcement, the group confirmed it would provide a three-month property rent holiday for all of its tenants, starting this week.

The group also said it was doing “everything it can” to protect pay for all staff and limit the impact of the virus on its “amazing teams”.

Young’s said that it is too early to “quantify the impact” on earnings for the remainder of the current financial year without knowing how long its pubs will be affected. It does, however, expect closure of “some or all” of its pubs, but hopes that such closures will only be for a short period.

It noted that these closures will “inevitably” impact earnings, but said that this would be mitigated “to some extent” by the government relief on Business Rates. 

It ensured that its intention at the moment was to continue to trade, as it believes its pubs “offer local communities a place of sanctuary in these uncertain and worrying times”. 

It has introduced clear guidelines on social-distancing and is upholding strict health and hygiene measures. It has also taken steps to reduce cost, optimise working capital and protect its financial position. 

Patrick Dardis, chief executive of Young’s, said: “These are challenging and uncertain times and we must all come together to do the right thing during the peak period of Covid-19. 

“We have a resilient business underpinned by great people who we will support through this crisis.” 

He added: “However, let’s be in no doubt that with pub closures imminent, albeit hopefully for only a short period, all businesses in our sector will be severely impacted. 

“We must remember, as painful as this will be, that it will be temporary, and we look forward to welcoming all our customers back to our great pubs once we are through this. We remain confident in our strategy for the business.”