Debate over company voluntary arrangements heats up ahead of Monsoon vote – Financial Times

Monsoon Accessorize will this week become the latest UK retailer to present a company voluntary arrangement as the potential saviour of its business, in the teeth of opposition from landlords.

The insurrection against Monsoon, a retailer of hippie-trail inspired clothing with annual revenues of 400m, is not the only one. The insolvency procedure is used by retailers to restructure leases and over the past two weeks, landlords have forced Philip Green to improve the terms of the Arcadia CVA while separately, Sports Direct and two property groups have launched a challenge to the Debenhams CVA unveiled in May.

All the UKs largest real estate investment trusts Intu, Hammerson, Land Securities and British Land are exposed to at leas…

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