Deliveroo has launched an initiative to help small independent restaurant firms withstand the financial fallout of COVID-19 over the coming weeks.
The delivery giant has joined forces with legal, property and restaurant industry experts to “create much-needed solutions for restaurant partners” facing cashflow issues due to the lockdown and social distancing measures.
It comes after research conducted by Deliveroo revealed that half of independent restaurant businesses will have to shut down if the current situation continues.
While two thirds said they’d be unable to pay rent, a further three quarters said they that social distancing measures prevent enough people being allowed on their premises to make a profit.
The first arm of its new initiative will focus on helping restaurants and landlords work together on rent negotiations and lease restructuring, enlisting the help of specialists restaurant advisor Shelly Sandzer and global legal company Goodwin.
“Deliveroo is passionate about supporting our restaurant partners and we are committed to supporting them through this unprecedented time,” Deliveroo’s founder and chief executive Will Shu said.
“We are pleased to work with cross-industry experts to create much-needed solutions for restaurant partners and help accelerate the recovery of the restaurant sector we all value and want to see thrive again.”