High street woes cause revenue dip at council-owned retail park
0Bournemouth Borough Council has lost £1m in rent from a retail park it recently bought due to two stores going into administration, according to reports.
The Bournemouth Echo reported that confidential council documents show that the loss has been caused by financial difficulties at Homebase and Carpetright.
The paper said that Homebase should be paying £920,000 in rent but is only paying 10 per cent of this – £92k – as a result of its CVA, while Carpetright is paying 50 per cent of its due rent.
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