British Land, owner of centres including Sheffield’s Meadowhall, said it achieved like-for-like rental growth of £15m last year, “more than offsetting the £14m impact of retail CVAs”. However, the value of its portfolio fell by 4.8%, driven by retail which was down 11.1%.

British Land chief executive Chris Grigg said: “Retailers continue to face the challenge of fundamental structural change compounded this year by short-term operational headwinds.