Caffe Nero taps KPMG to negotiate high street rent cuts: report
The chain has 660 stores domestically.
Caffe Nero has appointed KPMG to assist negotiations with landlords, Sky News reported.
The information comes amidst tough new restrictions that may hamper the hospitality sector's recovery from COVID-19.
Over 90% of the chain's outlets have reopened since the coronavirus lockdown ended in June, with about 30 sites having remained shut since then.
KPMG is understood to be working with the chain on a range of possible options, which analysts say are likely to include mechanisms that would allow rent cuts and possible limited store closures.
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.
Read the full report here.
