Latest quarter:
• TCS billed a total of £4.9m of rent and service charge (including VAT) for the English quarters payable on 24 June 2021 and 1 July 2021
• As of 22 July 2021, TCS had successfully collected £4.3m or 88%. A further £0.4m or 8% has been agreed to be deferred. This totals an agreed collection of £4.7m or 96%
• With the gradual easing of lockdown, collection levels continue to improve on a quarter-by-quarter basis and we expect to see this improvement continue
• The £0.2m remaining is still due and under discussion with tenants
March 2020 to June 2021:
• The updated billings and collections for the previous quarters (including monthly payments) and the Scottish quarters are:
o TCS billed a total of £31.0m of which £27.7m or 89% has been successfully collected
o A further £0.3m or 1% of deferrals have been agreed, giving a total agreed collection amount of £28.0m or 90% (which is slightly ahead of the percentage reported in April 2021)
o A further £3.0m remains outstanding of which £1.9m has been waived mostly in return for improvements in the terms or length of leases
Cumulative total:
• Therefore, since 25 March 2020, of the £35.9m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected £32.0m and agreed to defer a further £0.7m, totalling £32.7m; equivalent to 91% of the amounts due
• Of the £3.2m balance remaining:
o We have agreed to concessions totalling over £1.9m of this outstanding amount which will not be collected, mostly in return for an improvement in the terms or length of leases
o We continue to work with the respective tenants on the balance of £1.3m
Edward Ziff, Chairman and Chief Executive commented: