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Sir Philip Green asks landlords for better terms

Arcadia owner Sir Philip Green is seeking lower rents and better terms from landlords on stores whose leases are held by a company which has gone into administration, according to a report.

According to Property Week, Matte is not a trading company but holds leases on up to 25 shops across the UK that are let to Arcadia brands such as Dorothy Perkins and Miss Selfridge and Wallis.

According to the report, following the appointment of administrators at Matte in December, landlords received letters stating that the existing tenants of the stores would take on or be assigned the leases that Matte held.

Landlords have been informed that these tenants now want to pay lower rents on improved lease terms. It is understood that some have agreed but some are questioning the terms, the report says.

The London office of MCR was appointed administrator.

Arcadia declined to comment.

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