Monsoon founder Peter Simon has promised to invest £34 million in return for landlords agreeing to cut rent costs as part of a Company Voluntary Agreement (CVA).

Last month, the owners of Monsoon and Accessorize were reportedly mulling dozens of store closures as part of a possible restructuring, but according to The Guardian, the latest proposals do not include immediate store closures.

Between them, Monsoon and Accessorize have 270 stores across the UK.

The British fashion retailer duo appointed Deloitte last month to look at options to reduce overall costs, one of which would be to cut rent on its head office in London.

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