Landlords’ practice of forcing retailers to pay rent quarterly in advance is costing UK store groups £145m a year, according to the British Retail Consortium.

The BRC sees the practice as a throwback to the Middle Ages and 'rooted in the days when communications were governed by the speed of a horse'.

The trade body calculates the practice of paying three months’ rent upfront is equivalent to 1% of their annual £14.5bn rental bill. The loss comes from the interest store groups miss out on by having to pay up in advance and extra borrowing costs, the BRC said.

Daily Telegraph