The founder of women’s clothing and accessories chain Monsoon has pledged to provide up to £34m in funding for the company to avoid its collapse.
Peter Simon is reportedly seeking rent reductions for roughly two thirds of its 271 outlets in a bid to keep stores open and improve the company’s financial position.
According to the Sunday Times, Simon will be injecting £25m of his own money into the company to improve business with a further £9m on standby if needed. He is also reportedly looking to reduce rents for the retailer’s use of its London headquarters, which he owns.
The retailer’s most recent financial results to be publicly published was for the year ending 26 August 2017, which reported an operating loss of just over £10m.