Revo chief executive warns of £2bn retail rent blackhole
Revo’s chief executive has warned of the consequences of retailers not paying rents, saying landlords are facing a £2bn arrears blackhole that will have knock-on effects across the industry.
The chief executive of Revo, Vivienne King, which represents landlords and retailers, warned that property owners were still owed £1.5bn in unpaid rent from the first and second quarters of the year.
She warned that if retailers paid less than 50% of rents due for the third quarter, as was the case earlier in the year, that blackhole would blow out to beyond £2bn and would lead to “material impacts” on landlords’ access to borrowing facilities.
“Retail property owners are braced for another hugely damaging quarter with fears that once again less than 50% of rent due will be paid by operators whatever their balance sheets, adding to the total £1.5 bn of rent unpaid at the first and second quarters.
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