The trade body representing the retail property industry has warned that rent arrears could pass £2bn after today’s quarter day.
Revo said its members are braced for a “hugely damaging quarter” amid expectations that less than half of rent due will be paid. Across the first and second quarters of the year, a total of £1.5bn in rent has been unpaid.
Vivienne King, Revo’s chief executive, said the government’s decision to extend a moratorium banning commercial evictions until the end of the year “has simply fuelled the confidence of the well-heeled to continue exploitation of a system intended to protect businesses in genuine distress”.
