Sir Philip Green calls for rent talks in letter to landlords

Arcadia owner Sir Philip Green has sent a letter to landlords calling for a frank discussion as big retail names call for changes to rental payment terms.

In the letter to landlords, seen by The Financial Times, Green calls for "an open and honest conversation...regarding the existing archaic leasing and rent review structure that currently exist in the United Kingdom."

The letter adds that, on top of Green's commitment to the cause, 33 other retailers support the demands for a payment term review.

Landlords have typically agreed to shift to easier payment terms when a retailer is in danger of running out of cash, however now Green and other retailers are calling for change. "Dealing with this issue now will help everyone in the long term as opposed to trying to deal with this matter as and when a problem arises." Wrote Green.