ICSM Credit News: Rent day for retailers; Go Outdoors bought back in pre-pack, The Print Show is pulled; UK businesses owed on average £148,917 pre-lockdown; plus, more updates…

ICSM Credit News: Rent day for retailers; Go Outdoors bought back in pre-pack, The Print Show is pulled; UK businesses owed on average £148,917 pre-lockdown; plus, more updates…

Rent day flop

Today is rent day for many in the retail sector but their landlords will be lucky to get paid according to reports. Emma Simpson the business correspondent for BBC News looked at the Grosvenor Shopping centre in Northampton where the landlord James Roberts expects to only receive around half of what he should be paid.

The BBC journalist reported: “UK landlords should be collecting at least £2.5bn on Wednesday for shop rents. Retail landlords traditionally get paid four times a year. On the last rent day in March, no more than half the total rent was handed over and landlords will be lucky to get a quarter of what they're owed today. Most high street shops, along with pubs and restaurants, have seen sales evaporate and have either been unable or refusing to pay rent.”

Moratorium extended

The Caterer has reported on the Government’s plans to extend the moratorium on lease forfeitures and enforcement activity until the end of September, and it has introduced a new code of practice to facilitate rent negotiations.

The trade publication has reported: “UK Hospitality has welcomed the move and called on the government to consider extending the moratorium further to allow businesses time to assess the state of the sector's recovery. It has also reiterated the need for government financial intervention to bridge the gap between landlords and hospitality tenants that have been closed for months with virtually no income to pay rent.

“The code of practice encourages tenants to pay rent in full where they can, but also acknowledges that landlords should provide support to those businesses unable to do so. It has been developed with input from businesses leaders including UK Hospitality.”

Ian Carrotte of ICSM Credit endorsed the move as a ‘much needed piece of common sense.’

Pre-pack for Go Outdoors

Landlords are expected to be the biggest losers in a pre-pack deal over the retailer Go Outdoors. The Mail has reported on its parent company JD Sports buying the 67 camping shops out of administration for £56.5million, providing a lifeline to 2,400 staff.

The newspaper said: “The pre-pack administration lets JD avoid pricey leases which left many of the 67 shops that sell kit for camping unprofitable after coronavirus. Landlords are expected to be the main loser as the sports fashion chain said it will demand 'realistic ' rent deals.  JD will honour Go's debts to suppliers, HM Revenue and Customs, and customers who have returns or gift cards.”

Print Show is no show

The print industry’s number one trade show has been pulled for this year. Slated for September at the NEC the showcase for the print and allied industries has been put back 12 months due to the Covid-19 crisis.

Event organiser Chris Davies said: “We have made the difficult decision to postpone The Print Show 2020 and The Sign Show 2020 until next year, due to the ongoing novel coronavirus (Covid-19) situation in the UK. The safety of exhibitors and visitors is our number one priority and though this was not an easy choice, we believe it to be the right course of action.

“However, we are delighted to confirm that The Print Show and The Sign Show will both take place in 2021. The shows will run from September 28th to 30th at the NEC in Birmingham and we will publish further updates as soon as possible.”

Jablite enters administration

Insolvency practitioner Matthew Haw of RSM Restructuring Advisory LLP in London and Paul Dounis of RSM Restructuring Advisory LLP in Edinburgh, have been appointed as joint administrators to Jablite Limited. They were appointed on June 15. Jablite supply the construction industry with insulation materials and other items associated with surfaces and building.

Market Finance report on businesses

Market Finance have given some stark statistics over the fallout form Covid-19 for businesses in their latest report. They report: “Nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown, half of those that applied for CBILS loans have been declined and cash flow will be strained as invoices take longer to be settled.”

Ian Carrotte of ICSM Credit said the figures are likely to be even greater with interest added and costs in chasing payment.  

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk


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