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House of Fraser CVA faces backlash

A group of landlords are set to challenge department store House of Fraser to demand better terms as it tries to push through rent cuts and shop closures according to The Times.

Property companies Legal & General and Westfield have hired restructuring firm Begbies Traynor and property agency JLL to engage the department store chain as it prepares to launch a company voluntary arrangement (CVA).

These landlords are set to demand detailed forecasts for post-CVA performance and could ask for an equity stake or share of its future profits. They have threatened to vote against the CVA if they do not agree with the final terms.

It was first reported in April that a CVA could be on the cards for HoF to launch in June.

Readers' comments (1)

  • You should explain what a CVA is. It's quite unhelpful to assume the average reader knows

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