British Land opposes Monsoon Accessorize CVA
British Land which owns Meadowhall Shopping Centre in Sheffield has filed a bid to stop Monsoon's company voluntary arrangement despite its approval by 90 per cent of other creditors in July. Monsoon Accessorize had sought rent reductions of between 25 per cent and 65 per cent for more than half of the stores it currently leases, of which British Land owns five. British Land had voted against the CVA.
Store landlords across the UK are shouldering significant drops in income emanating from CVAs and this challenge is one of several understood to be in process as the downturn spurs more retailers to seek to reduce overheads by shedding unprofitable stores and securing rent reductions on others.