Network Rail to support retailers and tenants during COVID-19 pandemic

Credit: Network Rail

Network Rail has announced that, with immediate effect, it has introduced swift and significant measures that are aimed at supporting retailers housed in Britain’s busiest and biggest stations, as well as small business tenants across its commercial estate, due to the continuing severe impact to trade that is being experienced as a result of the coronavirus (COVID-19) pandemic.

From 20 March 2020, Network Rail is cancelling all first quarter (from 25 March to 23 June 2020) rent payments that would be due from tenants in their commercial estate portfolio, providing significant relief for small businesses who are worried about the impact of COVID-19 on their footfall and sales.

Additionally, Network Rail will cancel all base rent payments for retailers in its managed stations for the first quarter of the new financial year (April to June 2020). Removing base rent payments for an entire quarter will help retailers continue operation during such a tough time.

Managing Director for Network Rail Property, David Biggs, said: “We work in partnership with retailers and tenants to provide positive experiences for passengers and communities. In challenging times, it is important that we step up to the plate and show our partners that they are valued, and that we are ready and willing to help. That is why we have taken this decisive action today.”

David added: “We also understand that more support may be required as this situation develops. We will continue to liaise with central government and will keep speaking with our retailers and tenants about how we can assist further.”