Friday 20 Mar 2020
Network Rail announces new measures to support retailers and tenants
- Region & Route:
Network Rail today announced swift and significant measures aimed at supporting retailers in Britain’s busiest and biggest stations, and small business tenants across their commercial estate, as the Coronavirus (COVID-19) pandemic begins to severely impact trading.
With immediate effect, Network Rail is cancelling all first quarter (25th March – 23rd June 2020) rent payments due from tenants in their commercial estate portfolio, providing significant relief for small businesses who are worried about the impact of the virus on their footfall.
Further, Network Rail will cancel all base rent payments for retailers in our managed stations for the first quarter of the new financial year (April-June 2020)*. Removing base rent payments for an entire quarter will help retailers during this tough time.
David Biggs, managing director for Network Rail Property, said: “We work in partnership with retailers and tenants to provide positive experiences for passengers and communities. In challenging times, it is important we step up to the plate and show our partners they are valued, and we are ready and willing to help. That is why we have taken this decisive action today.
“We also understand 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.”
Network Rail has written to all its retailers and small business tenants to make them aware of the new measures to support business.
Notes to editors:
- *Retailers in stations typically pay a minimum guaranteed (base rent), and a turnover rent based on sales
- Network Rail has around 100 retailers in its stations (Britain’s biggest and busiest such as Waterloo, King’s Cross, Leeds etc)
- Network Rail has around 1,000 small and medium business tenants
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About Network Rail
We own, operate and develop Britain's railway infrastructure; that's 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK's largest stations while all the others, over 2,500, are run by the country's train operating companies.
Usually, there are almost five million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain's railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation's railway network to respond to the tremendous growth and demand the railway has experienced - a doubling of passenger journeys over the past 20 years.