|Support Needed for Businesses Underneath the Arches|
Putney residents urged to check out local businesses
Transport for London (TfL) is calling on residents of Putney to check out what is under their arches.
With the easing of lockdown they recently launched a campaign #loveyourlocalarches to encourage people to support their tenants occupying units under railway bridges.
Working with the Arch Co. and Network Rail, Arch Day on 29 August 2020 celebrated the businesses of all shapes and sizes that are located in the hundreds of arches across London including many in the local area.
TfL is one of London’s largest landowners and it uses its estate in a variety of ways to generate income to reinvest into the transport network. This includes supporting numerous businesses on its properties across the Capital, including within its 800 arches.
In Putney, there are some interesting local businesses in the arches, including:
Ahead of Arch Day, the Deputy Mayor for Transport Heidi Alexander and representatives from TfL visited a number of small businesses located in TfL arches to commend them on the work they have done to support the local communities during the coronavirus pandemic.
More than 86 per cent of TfL’s tenants are small and medium businesses, which means they have an important contribution to play in helping London recover. Recent research by the Federation for Small Businesses suggests that more people than ever are keen to shop local, with 63p of every £1 spent in a small business remaining in the local economy.
Since the start of the lockdown in March, TfL says it has offered businesses on its estate a wide range of support, including more time to pay their rent and supporting small and medium businesses with rent credits, so that businesses could focus on their recovery during these uncertain times. All small and medium businesses on TfL’s estate received 100 per cent rent relief between March – June, and have had reductions in rents of 50 per cent since then.
From September, TfL will be introducing monthly payments in arrears for its tenants, rather than quarterly in advance. This will provide benefits in terms of both cash flow and flexibility for smaller businesses.
Deputy Mayor for Transport, Heidi Alexander, said, “Small businesses are at the heart of London’s communities, but many have faced extraordinarily difficult times during the COVID-19 pandemic. I’m proud of all the work TfL has been doing to support its tenants, including offering rent relief for hundreds of small and medium-sized businesses on its estate.
“As we celebrate the unique contribution of small businesses based in railway arches across London this week, it is important that all levels of Government continue to support our small business community through the continued uncertainty of this global pandemic.”
September 4, 2020