Monsoon founder vows to inject £34m in business to secure CVA

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Monsoon CVA
// Monsoon founder Peter Simon will inject £34m into the business if landlords approve of rent cuts as part of a CVA
// Monsoon appointed consultancy firm Deloitte last month to look at options

Monsoon founder Peter Simon has said he will inject £34 million into the struggling business if landlords agree to cut rent costs as part of a proposed CVA.

The news comes after the British retailer appointed Deloitte last month to look at options to reduce overall costs amid a business restructure.

According to The Guardian, the proposals do not include immediate Monsoon Accessorize store closures.

Meanwhile, Simon said he would offer £25 million to the business and a further £9 million to improve it overall, in return for rent cuts.

According to The Sunday Times, Simon is also considering reducing rents for the retailer’s head office in London, which he is also the owner of.

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