Caffe Nero has become the latest hospitality giant to seek rent cuts from landlords as the high street struggles to recover from lockdown. The coffee chain, which operates 660 stores across the UK, has appointed KPMG to review its store estate. Around 90% of the chain’s outlets have reopened since the coronavirus lockdown ended in June, however 30 stores remain closed with no reopening date. The chain is understood to have hired KPMG to review a range of options including rent cuts and possible store closures. Caffe Nero, which has around 5,000 employees in the UK, is owned by businessman Gerry Ford. The company was founded in 1997, and last year recorded profits of more than £23million. One source told Sky News that Caffe Nero executives had been engaged in “constructive dialogue” with landlords but needed to intensify talks as the company seeks to address its fixed cost base. When approached by Mirror Money, the company refused to comment on store closures. Caffe Nero has 5,000 employees in the UK ( Image: Getty) A spokesperson for Caffe Nero said: “It has been a difficult period since lockdown measures were introduced by the government and we’re working incredibly hard to navigate… Read full this story
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