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Bank claims: Rent day 'could be final straw' for struggling retailers

"Rent quarter day" is due, which could lead businesses struggling with loan charges and bank claims to sink in the immediate future.

The Association of Business Recovery Professionals (R3) claimed 18 per cent of retail sector companies are currently finding it hard to pay their debts.

However, this weekend will be the quarterly rent payment deadline, in which commercial property occupants pay three months' advance rent.

R3 suggested this expense could be "the final straw" for some of these organisations.

JJB Sports has recently revealed it intends to appoint administrators, while Game Group filed a similar notice before rent quarter day in March.

"Many leases will have been set up a long time ago and in today's economic climate are not sustainable," R3 president Lee Manning said.

"The retail sector is under enormous strain," he added.

Nonetheless, the Office for National Statistics reported that retail sales in August 2012 were higher than in the same month in 2011, with the overall number of goods purchased realising an annual growth of 2.7 per cent.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801459730-ADNFCR

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