Coronavirus: Tennent’s calls time on April price hikes and introduces loan holiday

Tennent’s has postponed its planned wholesale price rise and introduced a three-month loan repayment holiday in response to the coronavirus.

Tennent's MD Kenny Gray: 'These are uncertain times'

The Glasgow brewer had been scheduled to increase the free on-trade wholesale price of draught and packaged beer and cider brands such as Tennent’s, Magners and Caledonia Best by 1.75 per cent from 1 April.

The rest of the Tennent Caledonian Breweries portfolio, including Heverlee and Menabrea, had been set for a 2 per cent increase.

In light of the virus outbreak and the expected impact on the hospitality industry, the price hikes have now been delayed.

The company is also rolling out a three-month payment break on capital and interest to outlets where Tennent’s has repayment loans in place. Currently, the business lends to more than 700 outlets in Scotland.

This follows advice from the UK and Scottish governments that the public should avoid pubs, bars and restaurants.

MD Kenny Gray said: “The impact of coronavirus is being felt by businesses all over the world but no more so than in the hospitality sector. From reduced customers, to temporary closures, those running a licensed premises are under tremendous pressure.

“The situation is obviously evolving rapidly but we have a dedicated team who are considering ways we can help those affected within our industry.

“These are uncertain times – but we will try our very best to help those in the trade get through them.”