Landlord ‘drops challenge to Monsoon CVA’

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Landlord ‘drops challenge to Monsoon CVA’

By Hannah McGrath

27/09/2019

Retail landlord British Land has reportedly dropped its legal challenge to Monsoon’s Company Voluntary Arrangement (CVA).

According to Sky News, the property company which owns five of Monsoon Accessorize’s shops, has agreed to withdraw its challenge to Monsoon’s restructuring plan.

The move clears the way for the fashion retailer to slash rents on its stores by between 25 and 65 per cent across around half of its 258 stores.

British Land was reported to have raised objections to some elements of the CVA proposals approved in July.

Unlike CVAs planned by its fellow High Street retailers, Monsoon Accessorize currently does not have plans to close any of its 258 stores as part of the financial restructuring.

However, more than 40 stores have been closed in previous years.

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