Clothing & ShoesProperty

Monsoon landlords seek equity stake in exchange for CVA

The landlords of fashion retailer Monsoon Accessorize are reportedly seeking an equity stake in the company in exchange for the support of a CVA.

According to Sky News, British‎ Land, Hammerson, M&G Investments and Roubaix Group have written to the company’s owner Peter Simon, asking to negotiate improved terms.

Simon is reportedly on the brink of launching a CVA which will see him seek rent reductions and avoid immediate store closures, but the letter from the landlords suggests the proposal will help the company avoid a CVA altogether.

A source told Sky News that the equity stake would also be available to all of the company’s landlords, not just the ones who have written to Monsoon.

The news comes after it was reported that Simon was prepared to inject £25m of his own money into Monsoon to avoid its collapse with an extra £9m on standby if needed.

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