High street landlords hold a weak hand at the CVA poker game

Owners could pay more into their ailing businesses instead of calling landlords for rent cuts

Sir Philip Green, a near-billionaire with a superyacht, couldn’t afford to pay his rent. Nor, it seems, can Peter Simon, a half-billionaire whose preferred luxury is expensive art. The founder and owner of Monsoon Accessorize would like his landlords to take rent cuts on 135 stores.

From Simon’s point of view, there’s no harm in having a go. Nobody doubts that “fundamental changes have taken place in the retail sector,” as the company puts it, and the tune seems to be a winner. Green got his restructuring of Arcadia over the line, albeit at the second attempt, so why shouldn’t Simon expect similar leniency?

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