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British Land has dropped its legal challenge against Monsoon Accessorize’s CVA plans.
According to Sky News, The property investment firm, which owns Sheffield’s Meadowhall, has agreed to abandon its bid to to block Monsoon’s restructuring plans.
The news now allows Monsoon to cut rents by between 25% and 65% across just over half of its 258 stores across the UK.
In July, British Land was one of the creditors to vote against the CVA plans as it disagreed with various elements of the proposal including the financing structure proposed by Monsoon owner Peter Simon.
It is understood that the property company, which owns five Monsoon stores, felt at the time that it had no other option than to pursue a legal challenge. According to Sky the terms of any settlement between British Land and Monsoon were unclear.
