Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Monsoon CVA expected to launch this week

Landlords are reportedly seeking more than £30m of rescue funding in the form of equity in Monsoon as part of its company voluntary arrangement (CVA), instead of secured loans. 

A group of six landlords, including British Land, Hammerson, M&G Investments and Roubaix Group, have told Monsoon Accessorize founder Peter Simon that they are unlikely to back his CVA proposals if he does not agree, Sky News has reported. 

Monsoon Acessorize’s CVA is expected to launch on Wednesday, with a creditor vote to be held in July.

The retailer put its long-awaited restructuring plans on hold earlier this month as it awaited the outcome of Arcadia’s CVA, which offered 20% equity to landlords. The latter was given the green light last week. 

It is understood the amount of equity up for grabs in Monsoon is still under discussion, but landlords are pushing for 30%.

Monsoon Accessorize appointed consultancy firm Deloitte in April to look at options to reduce overall costs as it restructures the business in the UK and internationally. Monsoon and Deloitte declined to comment. 

 

Readers' comments (1)

  • It will interesting when landlords start pushing further and want to make product decisions.
    The real answer is to make CVAs harder to do or against the law.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.