Monsoon founder faces landlord demands ahead of CVA launch

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Monsoon CVA
// Monsoon Accessorize founder Peter Simon will launch CVA next week
// Simon facing demands from landlords to alter the terms of the multi-million pound support package
// Monsoon Accessorize currently operates from around 270 stores across the UK

Monsoon Accessorize founder Peter Simon will launch a CVA next week, and is facing demands from landlords to alter the terms of the multi-million pound support package.

Landlords of the company’s stores have told Simon that they want him to provide more than £30 million of rescue funding in the form of equity, rather than secured loans, Sky News reports.

Six landlords, including British Land and Hammerson, have told Simon that they are less likely to back his his rescue plan unless he agrees to the change.

The CVA will be launched a week after Sir Philip Green secured the approval of creditors to for restructuring Arcadia.

“The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally,” A Monsoon spokesperson told Sky News.

Monsoon Accessorize currently operates from around 270 stores across the UK.

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