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David Fitzsimons

Retailers concern on upwards only rent reviews

Retail Excellence Ireland  (REI) has called on the Government to deliver on the call from the National Competitiveness Council to publish the Attorney General’s determination on why Upwards Only Rent Reviews (UORRs) should not be abolished.

Ennis-based, David Fitzsimons, CEO of REI, said, “This Government reneged on previous commitments to abolish UORRs. They based this decision on a determination from the Attorney General. We note the NCC’s call for this determination to be published. This would help inform the debate and enable all sides to understand why the Government reneged on its commitments.”

Mr Fitzsimons said many retailers employing too many staff , are being crucified by the legacy of UORR on leases some of which last for 20-25 years and are tied to personal guarantees.

“Following a review of the determination, there could be scope for better informed decisions on how this toxic legacy of the Celtic Tiger can finally be put to bed,” he said.

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