Moved by
Lord Mendelsohn
33M: After Clause 42, insert the following new Clause—
“Investment agreements
(1) The Secretary of State shall establish regulations and guidance for cases where the extension of the rent assessment for pub tenants beyond usual terms is granted in return for a sum of investment from the pub company.
(2) These regulations and guidance shall include, but are not limited to, the following—
(a) the definition and amount of investment;
(b) the maximum deferral period of MRO in return for investment to be five years;
(c) the deferral period for MRO to begin after investment sums are fully expended;
(d) the buyout of agreement provisions whereby a tenant can opt for MRO;
(e) the tenant’s option to allow for alternative and blended finance to maintain MRO;
(f) an investment agreement will be a trigger event for MRO;
(g) an investment agreement will trigger the Parallel Rent Assessment; and
(h) clarification that an agreement of investment means no opt out of the Landlord and Tenants Act 1954.
(3) Any investment agreement must recognise the different nature and size of pubs and relevant investment requirements.”