Betfred requests retail rental holiday amid coronavirus shutdown
Warrington-based bookmaker puts all rental payments across 1,550 retail outlets on hold
Betfred has written to its retail shop landlords requesting a rental payment holiday following the UK-wide shutdown of all sporting events due to the coronavirus pandemic.
The Warrington-headquartered bookmaker confirmed it has placed all rental payments on hold amid the Covid-19 crisis in a letter penned by Betfred COO Mark Stebbings.
This includes all occupational costs such as rent, service charges and insurance payments on all its 1,550 retail shops, including any upcoming payments due on 25 March.
“This decision has not been taken lightly and I would emphasise at this time we are not looking for a rental deduction. We require a rental ‘holiday’ to allow us to get over the current challenges which are unprecedented in modern times,” Stebbings wrote.
“Our intention is, when normal trading conditions are resumed and the sporting calendar has returned to normal, to make up the shortfall.”
Stebbings added: “I understand this will not be welcome news, and you yourselves will be under substantial pressure caused by the coronavirus.”
Betfred declined to comment further on the letter after being approached by EGR Intel.
Several UK-facing bookmakers, including William Hill, GVC and Flutter Entertainment, have warned shareholders of knock-on financial reductions due to the current lockdown, with all three estimating EBITDA hits of more than £100m.
All major sporting events have been suspended in the UK following the onset of the coronavirus pandemic, including all English football leagues, horseracing and most recently the cancelled Randox Health Grand National Festival.
The forthcoming Euro 2020 football tournament, which was due to kick off in June, has also now been postponed until 2021.