This coming weekend sees the arrival of so-called 'Independence Day', when more parts of our economy, including much of the hospitality sector, will be allowed to open their doors to the public once more. For many local businesses, the last few months have been extremely difficult, with some organisations being faced with either a much reduced or even a nil income.

Lucy Ingram is a partner and specialist commercial property lawyer at local solicitors Thatcher + Hallam LLP and works with both business landlords and tenants.

'With so many businesses facing a much reduced income, or even no income at all, it is just not business tenants who are worried about how they are supposed to be able to pay their rent,' says Lucy. 'I know from speaking to the local business community that that concern is also shared by their commercial property landlords. It is perhaps of little surprise that last week and for the first time in living memory the term 'Quarter's Rent' made the news headlines.

The quarter days are when commercial rents have traditionally been paid, in advance. The most recent Quarter Day was the 24th June but the headlines at least put the plight of the commercial landlord and tenant back in to the spotlight.'

'The reality is that there are many businesses out there who cannot afford to pay all or even some of the rent that was due on the 24th June,' adds Lucy. 'Most businesses have some small savings kept aside for the unexpected 'rainy day', but no one could ever have predicted the devastating impact that the coronavirus pandemic would bring to the global economy.'

However, Lucy has detected a recent change of mood and direction within the local business community. Throughout COVID-19 Lucy and her colleagues at Thatcher + Hallam have been running a special Commercial Property Helpline. Over the past couple of weeks this telephone hotline service has become increasingly busy.

'I am now picking up a new and different message,' says Lucy. 'Many of my clients in Radstock have already taken advantage of the various government schemes that have been on offer, from the Job Retention Scheme and the deferral of VAT payments,' explains Lucy. 'Just knowing that a Bounce Back Loan interest free for 12 months is available to apply for, even if not yet taken up has helped bolster confidence.

What has also helped bring about some stability and ability to plan for the future has been the extension of the scheme until the end of September, preventing struggling business tenants from being evicted.'

'Also helping to lift the mood has been the publication last week of the government's Code of Practice on how commercial landlords and tenants should work together to help map out plans for economic recovery during COVID-19,' adds Lucy. 'This code is voluntary, but has the backing of the major organisations such as the British Chambers of Commerce and the Federation of Small Businesses. In a nutshell, what the Code is saying is that it is in the interests of both landlord and tenant to work and speak together in order to find a way forward in to the future.

What no one should ever do is to bury their head in the sand. However difficult it may be, talking is essential. A tenant going out of business is bad news for everyone, including the landlord.'

'It is also important to understand that none of the government announcements to help business during the coronavirus has actually disposed of the legal obligation to pay rent, 'adds Lucy. 'That obligation remains. If however agreements are reached to possibly defer, reduce or suspend rental payments then it is essential that these changes be documented carefully.

It is crucial that the continuing legal responsibilities and obligations of both parties is fully understood to avoid future legal conflict.'

For those business tenants or landlords who are uncertain on how to move forward to resolve the issue of rental payments, or just need a friendly word of advice, Lucy's Commercial Property Helpline remains open during usual office hours on 01761 414646. Alternatively, further details are available at the firm's website here: the Thatcher + Hallam website