HOSPITALITY BUSINESS DEBT ADVICE
ADVICE FOR PUBS, BARS, RESTAURANTS AND HOTELS.
As the UK & Irish governments release funds and loans for the hospitality industry to avoid business closure and loss of jobs during the Coronavirus crisis, Bell & Company have seen Hospitality Business Debt Advice enquiries and “chatter” increase recently.
Coronavirus (COVID-19) has meant that Pubs, Bars, Restaurants and Hotels have had to shut their doors and essentially cease trade. This is jeopardising their business’ longevity and in many cases, the prospect of ever re-opening their doors.
Government shut down of whole sectors of the economy is having a profound impact, especially those in the hospitality sector.
‘’My restaurant is under pressure due to the impact of Coronavirus. My cashflow has ceased and I can’t pay my HMRC or business rates bills, what are my options?’’.
If you identify with the above scenario. Or any of the below debt-related issues, having a chat with an Independent Professional Insolvency Advisor can help.
- Business Rent
Whatever problems your business is facing, it is important that you obtain the best professional advice as soon as possible.
INFLEXIBLE LEASES AND TENANCY AGREEMENTS.
Some of the causes of this downturn can be attributed to the general economic conditions experienced prior to Coronavirus (Covid-19), including increased rents and business rates. If a business is therefore struggling, the biggest personal exposure could be the lease of the business premises, whether it be retail, industrial, or offices.
If your business was experiencing a pre-existing problem. It is very likely the inflexibility of FRI leases will very quickly become a serious issue, especially those FRI leases supported by Personal Guarantees.
FRI leases of Hospitality business premises are the biggest personal exposure. This means any act of Insolvency or decision by the landlord can trigger the assigned Personal Guarantee which will put your assets, such as your home, at risk.
FRI’s are onerous and not fit for purpose in today’s tenancy agreements. Most commercial tenancies are based on these and are at best inflexible. Our statement that “they are not fit for purpose” revolves around the ever-changing, fast-moving commercial environment we exist in today.
EXPERTS IN HOSPITALITY BUSINESS DEBT ADVICE.
Our team has a real depth of legal and financial experience in dealing with Personal Guarantees, so we can mediate effectively with your creditors with the aim to reach the best possible outcome for you.
If you are a Hospitality business owner of a Pub, Bar, Restaurant or Hotel, which is experiencing problems due to business debts – contact us today on 0330 159 5820 or [email protected]