The retailer said it was seeking two CVAs – one for each brand – that would aim to slash rents at 135 of Monsoon and Accessorize’s leased stores.

The embattled fashion chain said founder Peter Simon had already provided a £12m emergency credit facility on a secured basis and agreed to provide a further £18m at 0% interest to help turn round the business, “conditional upon the CVAs passing and not being subject to a successful challenge”.

Monsoon also confirmed it would be offering a profit-sharing scheme whereby landlords could receive up to £10m annually if the retailer can “trade profitably and above forecast in future years”.