The independent arbitration panel empowered to reduce or uphold commercial rent arrears generated during the Covid-19 pandemic has given West End tapas restaurant Pix Pintxos two years to clear £63,000 worth of arrears.
The arrears were built up at the restaurant’s outlet on 16 Bateman Street, W1.
According to the ruling, the restaurant asked for the debt to be written off, saying that it had already paid more than half of the £85,000 annual rent over the pandemic period.
It also said that the debt was larger than the restaurant’s projected 2023 revenue.
Landlords Millbeck Properties had offered to give the restaurant a year to pay off the debt, and then extended the offer to two years.
Arbitrator Michael Ranson at Falcon Chambers Arbitration backed the landlords second offer, ruling that the restaurant should pay the debt in 24 monthly instalments of £2,626.
He also said that both parties should share the cost of the arbitration.
Pix Pintxo Bars Limited v John Archie Thornhill and Millbeck Properties Limited
Michael Ranson at Falcon Chambers Arbitration, London
