LANDLORDS and tenants in the night time industry and hospitality sector are calling on the Government to put a ’Big Freeze’ on all financial commitments to banks.
The freeze would cover mortgages, loans and financial agreements, and interest would not be accrued during this time, with commitments to be reinstated once the Covid-19 crisis period ends.
In a collective statement from The Night Time Industries Association and around 200 British landlords and tenants, affected buisnesses say that the hospitality sector is facing a ’life or death situation’.
’The unprecedented nature of the current Covid-19 crisis has put a huge burden on every business and individual in the UK,’ they say.
’We commend the government on much of the action taken, but as time moves on we are faced with greater challenges.The issue facing us all, is that not enough consideration has been given to the issue of commercial loans, mortgages and financial support.
‘The Big Freeze’ is a portfolio of proposed measures to consider during the COVID - 19 period, in addition to the current measures that exist within the UK. We are proposing that all financial commitments to banks in terms of mortgages, loans and financial agreements be frozen, without effect on any current covenants or balances in terms of interest. Commitments will be reinstated once the crisis period ends.’