Town Centre Securities reports a 'reassuring' level of rent collection

The Leeds-based firm said it has agreed to defer a further £500,000 (10 per cent). This means it has collected or agreed to defer a total of £4.4m or 85 per cent of what it is owed.

TCS said collection levels for its latest quarter are ahead of previous quarters. It expects the 75 per cent figure to continue to rise as it has seen collection levels improve in each successive quarter.

Of the £800,000 remaining, £100,000 has been waived with a further £700,000 needing some form of agreement.

In Scotland, it billed a total of £13.4m, of which £11.3m or 84 per cent has been successfully collected.

A further £400,000, or 3 per cent, of deferrals have been agreed, giving a total agreed collection amount of £11.7m or 87per cent. A further £1.7m remains outstanding of which £800,000 has been waived

Edward Ziff, chairman and chief executive of TCS, said: “We continue to see a consistent and reassuring level of rent collection. To have maintained collection and deferred payment levels at 87 per cent to date reflects the quality, uniqueness and diversified nature of our portfolio and the collaborative and strong relationships we have built in partnership with our tenants over many years.

“I am also pleased with the significant and swift progress made on our disposal programme. £41.2m of sales since our June year end has allowed us to significantly reduce debt, lower the proportion of retail and leisure assets in our portfolio, increase financial headroom, and create greater flexibility for the future as we reset and reinvigorate the business.”