Exclusive: London pubs, restaurants and hotels to claim almost £200m in restart grants
London pubs, restaurants and hotels are set to receive almost £200m in extra government grants to help them reopen after the latest coronavirus lockdown.
Around 13,000 hospitality businesses across the capital will be eligible to claim £184.2m in the restart grants, City PM can reveal.
Research by real estate adviser Altus Group showed 3,632 pubs will receive £52.4m in total, 7,619 restaurants will be entitled to £105.7m and 1,566 hotels can claim £26.2m, subject to subsidy controls.
In last Wednesday’s budget, the chancellor announced that hospitality and accommodation businesses could claim up to £18,000 per property, alongside leisure, salons and gym firms.
Non-essential retailers in England are also eligible for the restart grants, although the funding is capped at £6,000 per premises as shops are able to reopen earlier.
Announcing the scheme last week, Rishi Sunak told MPs that the value of the grants will total £5bn for struggling businesses across the country.
Altus Group said hospitality businesses occupying properties with a rateable value of £15,000 or below will receive a payment of £8,000.
Those with a rateable value of more than £15,000 but less that £51,000 will be eligible for a £12,000 grant.
The higher maximum grant of £18,000 is available for businesses occupying properties with a rateable value of exactly £51,000 or above, meaning almost half of grants in London will be for the highest amount.