Caffe Nero has become the latest high street coffee chain to seek rent cuts from landlords amid tough new restrictions that could hamper the hospitality sector’s recovery from COVID-19.
Sky News has learnt that Caffe Nero, which operates 660 stores across the UK, has appointed KPMG to review options relating to its property portfolio.
More than 90% of the chain’s outlets have reopened since the coronavirus lockdown ended in June, with about 30 sites having remained shut since then.
KPMG is understood to be working with the chain, which is owned by Gerry Ford, on a range of possible options, which analysts say are likely to include mechanisms that would enable rent cuts and possible limited store closures.
Caffe Nero is understood to have been performing strongly prior to the COVID-19 crisis, employing about 5000 people and serving 135 million customers annually.
The slower-than-expected return to offices
Continue reading this atricle at https://www.goqradio.com/news/q-radio-business-news/coronavirus-caffe-nero-hires-kpmg-to-negotiate-high-street-rent-cuts/