Coronavirus illustration – Pixabay

Property developers help out during Covid-19 crisis

The sense of our all being in this together continues, with the property industry very much continuing to play its part in the fight against coronavirus.  Television Centre and White City Place developers Stanhope, Mitsui Fudosan and Aimco are showing their support for the fight against Covid-19 by rolling out a number of initiatives, including the launch of a new community channel for occupiers, tenants and residents, and ensuring labs can remain open for essential medical research and development.  The partners insist they are committed to helping and showing their appreciation during these unprecedented times.  Ahead of the Easter weekend, more than 1,000 Easter eggs are being gifted to doctors, nurses and…

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Carluccio's, Brunswick Centre, London (photo: Wikimedia Commons)

Carluccio’s collapses, with 2,000 jobs at risk

Italian restaurant chain Carluccio’s has collapsed and appointed administrators from FRP Advisory. The chain cited “challenging trading conditions”, which were made worse by the coronavirus outbreak. Most of its 2,000 employees will be paid through the government’s job retention scheme, which will cover 80 percent of their salaries, it said. Geoff Rowley, joint administrator and partner at FRP, said: “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset of Covid-19 are well documented. “In the absence of being able to continue to…

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Closed sign on frosted glass door: Photo by Artem Beliaikin on Unsplash

Aggressive landlords risk empty sites

As the coronavirus crisis continues, swathes of tenants are engaged in fierce negotiations with landlords over rent payments despite the recent forfeiture moratorium designed to protect them from eviction. Following country-wide closures in the industry, operators with little or zero operating income have faced no choice but to withhold rent. But negotiating with landlords is proving a minefield for the majority of tenants who have minimal experience navigating through this unknown territory. For many, the rent quarter on 25 March was a tipping point. When Stephano Borjak, director of Caffe Concerto,…

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