Well, you wouldn't quite describe 16 of the country's biggest retailers as worms, but they are turning on their landlords in a bid to change the way they pay their rent.
They are asking their landlords to allow them to pay rent monthly rather than quarterly. It's another sign that the hard-pressed retail sector is doing everything it can to improve its cashflow as high street spending continues to fall.
Although their landlords will have no obligation to agree as the payment obligations will be set out in their leases, it may be possible to obtain temporary concessions from landlords.
Why would a landlord agree to this? A tenant that is still trading is preferable to one that is forced to close so it's very much in a landlord's best interests to assist a tenant in keeping its head above water.
This is another example of how the tide is turning against landlords. If you are about to commence negotiations for a new lease make sure you contact commercial property lawyer, Steve Petty, on 01926 629005.
Steve Petty, Commercial Property Lawyer
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