Many companies that pay their rent on a quarterly basis will struggle when their first payment of the year is due this week and the practice of quarterly payments should be abolished, according to the British Retail Consortium (BRC).

Stephen Robertson, BRC's director general stated that they "had no place in the modern age of instant electronic money transfers."

Many retail businesses are signed up for quarterly payments and will struggle after low consumer spending due to the recession - the BRC's Retail Sales Monitor recorded its worst December figures since it was set up 14 years ago.

"A dismal Christmas for many retailers and following the year's lowest spending months has meant the toughest quarter since the early 1990s," added Mr Robertson.