Main Street Complex plc - Business & Operational Update
On 18 February 2022, Main Street Complex plc issued an announcement providing an overview of its operational performance in 2021 as well as the outlook for 2022. In this respect, the company explained that despite the adverse operating environment due to the pandemic, most tenants continued to operate throughout 2021 except during times of forced closure in compliance with the directives issued by public health authorities. The outlet previously occupied by the Debenhams franchisee has now been fully replaced by two new tenants – Lindex (a renowned Swedish brand retailing fashion for women and children) and I M Home (retailing home décor and accessories) – which will open their stores in the coming months. In addition, a new catering operator has established its presence on Level 3, thus now resulting in Main Street Complex being almost fully leased out.
During 2021, the company continued to support its various tenants by waiving all charges during periods when tenants were not permitted to operate or by reducing rents where certain tenants were subjected to significant restrictions on their respective operations. However, since discounts were greatly reduced compared to 2020, there was a substantial increase in rental revenues for the company in 2021 as these continued to approach pre-pandemic levels. Moreover, cash flows and the company’s financial position remained healthy throughout 2021.
Looking ahead, Main Street Complex noted that in 2022 it expects to see a continued diminution of the pandemic’s effects on its operations and business, with further improvements expected in the company’s financial performance.