Arcadia’s biggest landlord operator Intu has rejected the retailer’s revised CVA proposal, but the Topshop owner remains hopeful of salvaging its controversial deal ahead of the second vote on Wednesday.
A source close to Intu savaged the rent reduction compromises put forward by Arcadia last week – whereby the retailer offered to reduce rent cuts from 70% to 50% and reductions on other properties from 30% down to 25% – as “not in the interests of tenants or shareholders”.
Intu operates 35 Arcadia units, 70% of which are either Topshop or Topman, and has a 15% vote share in at least two of the seven CVAs that are still to pass.
The source said Intu had eight of the UK’s top 20 shopping centres and footfall numbers at those schemes were bucking the downward trends seen across the country.
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