Capco takes £275m hit to Covent Garden property portfolio in second half, as lockdowns disrupt

During the pandemic, Capco has worked with some tenants on terms to help them ride out the virus crisis, including rent deferrals and rent-free periods.

As at January 28, the FTSE 250 firm had collected 42% of December rents (in respect of  the first quarter), which is broadly in line with collection rates at the same point in the previous quarter.

Ian Hawksworth, chief executive of Capco,  said: "Whilst there are significant near-term challenges to trading and an uncertain economic outlook due to the impact of the pandemic, we are encouraged by the enduring appeal of Covent Garden for customers as evidenced by recovery in footfall and trade following easing measures in the second half of 2020.”

He added: “Capco is in a strong financial position and we remain confident in the long-term prospects for Covent Garden and the West End."

Analysts at Liberum said: “Capco’s trading update confirms continued low levels of rent collection, but nothing that is unexpected.”