Goodwin has partnered with online food delivery company Deliveroo and leading F&B property consultants, Shelley Sandzer, to produce new, practical guidance to help the restaurant sector accelerate the pace of its recovery following the severe impacts on the sector from COVID-19.
Real Estate and Restructuring lawyers at Goodwin examine the implications for restaurant leases and the landlord-tenant relationship in the UK, as well as potential strategies to trade out of the pandemic. The following three articles make up the initial guidance from Goodwin:
- Restrictions on Lease Obligations in the UK: The Legal Position
Martin Smith, Simon Thomas and Matthew Pohlman look at the limits of existing statutory protections, which are temporary and do not reduce the amount of overall rent tenants have to pay despite their income having been severely reduced. To read the article, click here.
- Restrictions on Lease Obligations in the UK: Negotiating Revised Lease Terms
Martin Smith and Matthew Pohlman examine at how different lease models can be renegotiated, advocating that landlords and tenants work collaboratively to identify mutually agreeable solutions to their lease negotiations in the COVID-19 era. The paper discusses rent holidays, rent reductions, inclusive rents or limits on service charges, turnover rents and increased lease durations as potential solutions. To read the article, click here.
- Implications of COVID-19 Restrictions on Restaurant Businesses in the UK
The third article considers how the economic effect of the pandemic is driving operational change in restaurant businesses. Simon Thomas and Oonagh Steel review the wider implications facing restaurants with cash shortfalls. To read the article, click here.
Matthew Pohlman, Real Estate Industry partner at Goodwin, said: “In a time of unprecedented strain in the global hospitality sector, it is a privilege to collaborate with Deliveroo on this important initiative to help promote solutions for the restaurant sector and accelerate the pace of its recovery. Our efforts are focused on providing practical, balanced and actionable insights to help drive discussions among all stakeholders towards mutually acceptable solutions to the present challenges in the sector.
Deliveroo is an award-winning delivery service founded in 2013 by William Shu and Greg Orlowski. Deliveroo works with over 80,000 best-loved restaurants, as well as over 60,000 riders to provide the best food delivery experience in the world. Deliveroo is headquartered in London, with more than 2,500 employees in offices around the globe. Shelley Sandzer is the leading leisure property consultancy, covering agency, leasing, acquisitions, rent reviews, lease renewals, valuations, investments and international expansion.
To learn more about this initiative, please read the Deliveroo press release and coverage in CoStar, Property Week and Retail & Leisure International among others.