Local businesses have been offered a three-month rent holiday to stop them going out of business.

The Arch Company is the landlord for local businesses like The Wanstead Tap, Burgess & Hall Wines and The Wild Goose Bakery.

The company initially offered businesses a three-month rent deferral but, when many explained this would still leave them bankrupt, it changed tack on Friday (March 27).

A £10 million Hardship Fund will now be used to cover the three months rent for businesses in “retail, hospitality, leisure and overseas travel sectors, as well as others severely affected”.

The Wild Goose Bakery tweeted: “Massive THANK YOU to @thearchcompany for listening to small businesses within their arches.

“My team & I can now shut up shop & #stayathome without being terrified about going bankrupt! Thank you”

Managing director Adam Dakin said the company was “closely assessing the situation” and had received “hundreds of individual phone calls” from tenants.

He said: “The diverse mix of independent businesses that make up the arches have a special place in each local community, and it would be tragic to lose that because of the economic crisis created by Coronavirus.

“We continue to work with our tenants and other stakeholders as we keep this situation under review and assess what are the most effective next steps to support The Arch Company tenants.”

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