Landlords have been urged to the cut the amount of rent they are charging to hospitality customers.Rent Reform managing director David Abramson says that with household finances limiting the amount consumers can spend on eating out in restaurants and taking hotel breaks, adjusting rents could mean the difference between survival and bankruptcy for many businesses.
Mr Abramson believes that such a move would benefit landlords too, as fewer properties are likely to be left vacant.
"Lease restructuring will be at the forefront of the property industry for the foreseeable future and is vital if businesses are going to weather the storm," he wrote in Caterer and Hotelkeeper magazine.
With finances tight for many businesses, having adequate hospitality insurance in place could prove to be vital should any unexpected losses occur.
It can cover against problems including loss or damage to stock and loss of accounts receivable, as well as optional extras such as employee theft.
