Advice for Businesses in the UK struggling to pay Rent/Lease

At Boardroom Punks, we take an innovative new approach to helping businesses. We aim to work on every financial solution possible before the insolvency practitioners are called in. If you are seeking advice to help you navigate your issues with your rent or lease, be assured that we have your interests in mind. SMEs are the backbone of our local economy, and we want to ensure that they are protected at all costs. Jobs, livelihoods, families, and futures are all interconnected with SMEs. The alternative approaches we offer are designed to protect both your business and lifestyle.

We have an elite team of financial experts that are serious about their trade. We have a variety of team members at Boardroom Punks with expertise in debt, VAT bills, business and project management, and government loans. Whatever advice you need regarding the payment of rent, ensure that you have the right experts in your corner. We know how stressful it is to balance the costs of your business, especially if you are paying an excessive amount toward your monthly or annual lease. Whatever stage you may be at, the Boardroom Punks will do their very best to come to the best possible solutions for your company.

Not only do we have experience across the board, but our business model was founded upon our managing director David Morgan. In 2008 he received the news that his chain of opticians was trading insolvent. After battling with the liquidators and the loss of £250,000, Morgan dedicated his time to finding alternative solutions that would help with restructuring both his own business and the SMEs of the future. Today, Boardroom Punks is the solution that our director strived for, and we believe that we have the right tools in place to get any business back to a state where it can stand on its own two feet.

However, don’t just take the claims of expertise from ourselves. Our business experts have put their skills to the test in many different trading models. Beauty salons, haulage companies, decorators, and even jewellers have all needed the advice of Boardroom Punks. Whatever SME you are looking to salvage, know that our solutions have been tried and tested across many different businesses. Some of the cases we are currently working on include businesses in the fitness industry, window installation, and wine. We always encourage our future clients to reach out and speak to those who have worked with us as they are the best proof of our success.

The British Property Federation (BPF) estimated in June 2021, there would be £7.5 billion of commercial rent in arrears. Falling behind on business rent and an agreed lease is somewhat common, but if a business can keep up its rent payments, it allows the enterprise to concentrate on growth and investment.

A landlord with whom you lease has the right to exercise legislation against a business that fails to pay rent. The Commercial Rent Arrears Recovery (CRAR) enables a landlord to exercise options to seize property, goods, and physical assets of a business without having to involve a county court under certain conditions. However, even if a landlord is unable to seize the goods of a business, it is likely they will take a legal route to enforce the payment of a debt. A landlord who triggers a CRAR must give an enterprise a seven-day notice before the enforcement agents turn up at the premises. On top of this, a further seven days must be given to notify the director about seizing goods.

Depending on the goods seized, an enterprise may be severely impacted. For instance, a landlord may seize equipment fundamental to producing profitable goods. In addition, if a CRAR does not lead to the eventual payments of debts, it is at this point where legal will be taken. With the backing of a court, the landlord may attempt to terminate a lease, issue a winding-up order, and even remove the tenants from the rented commercial property.