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Monsoon Accessorize CVA faces legal challenge

Monsoon Accessorize has been hit with a legal challenge to its bid to slash rents across its store estate.

Property giant British Land, which owns five Monsoon shops, has lodged a challenge through the courts, which threatens to block the retailer’s company voluntary arrangement (CVA). More than 90% of Monsoon’s creditors voted in favour of the plan to cut rents by as much as 65% earlier this year, but British Land has been riled by elements of the CVA proposals, including details of how new funding will be supplied by owner Peter Simon.  

British Land is understood to have filed the challenge around a month ago, but details only emerged this week in a Company House filing from one of Monsoon’s subsidiaries.