Quarter Day


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Quarter Day

In Britain and Ireland, one of four traditional dates each year when rent on land was due and when new servants were hired. While they are not generally observed anymore, rents on English leaseholds often are due on quarter days. In England and Ireland, the quarter days are March 25, June 24, September 29 and December 25. In Scotland, they are February 2, May 15, August 1 and November 11. The dates correspond to traditional pagan and Christian holidays.
References in periodicals archive ?
As well as the added pressure of a large rent payment, Rent Quarter Days often see a spike in retail insolvencies because retailers will delay insolvency procedures until after rent is due, thanks to the complex rules on 'administration costs' that have developed in recent years.
R3 Midlands Chairman Richard Philpott, a partner at KPMG in the region, said: We often see a spike in retail insolvencies shortly after the traditional Rent Quarter Day because of the added squeeze on cash flow, and also because of complex rules on administration expenses that incentivise retailers to wait for Quarter Day to pass before going into administration.
But Graham Newton, partner at business advisory firm BDO, said he expected to see less "bloodshed" on the high street when the autumn quarter day comes on Saturday.
That's the view of Steve Ross, pictured, chair of insolvency trade body R3 in the north east, who was speaking as the June Quarter Day brought news of further business failures on the high street.
Quarter day - when many retailers pay three months rent in advance to landlords - is often the tipping point for insolvency and previous quarter days have seen the likes of Habitat, Jane Norman and TJ Hughes enter administration.
The quarterly rent payments that traditionally fall in March, June, September and December represent a significant outgoing for struggling firms in the present climate, with the equivalent Quarter Day in 2011 seeing the largest wave of retail administrations since the height of the recession Well-known names such as Habitat, Zavvi, Whittard and The Officers Club have fallen into administration in the run-up to or period immediately following Quarter Days over the last couple of years, as the pressure to meet property rental payments has finally proved too much for their finances, and addressing rental costs remain a central issue in the ongoing retail administrations today.
Some retail insolvencies at the outset of this new year, following the final rent quarter day of 2012 which fell on Christmas Day, were inevitable as they form part of the retail cycle.
THE March rent quarter day is set to trigger another spate of insolvencies across the business world, a Midland lawyer has warned.
It was the nearest hostelry to the Knightlow Cross where on the feast of St Martin, a quarter day at the end of the agricultural year, villages within 12 miles of the ancient stone paid their dues to the Duke of Buccleuch.
The last rent quarter day deadline on June 24 saw three months' rent being paid in advance for commercial properties, R3 said this was a "hefty bill" at a time when insolvency on British high streets has already seen more than 21,000 job losses since the start of last year, due to difficult economic conditions and the rise of internet sales.
The most recent rent quarter day did not bring about the high-profile failures that some were expecting.