Ziff appeals to Stylo landlords for better terms

Landlord opposition scuppered Ziff’s hopes of saving Stylo using a corporate voluntary arrangement (CVA), prompting the retailer’s administration and his subsequent acquisition of 160 Barratts and Priceless stores and 165 concessions.

But Ziff praised some leading landlords for their support during Stylo’s difficulties.

He believes that the option of a CVA, having been raised in such a high profile way, may be offered to other troubled retailers in future.

He said that property firms Prudential, Land Securities, Capital Shopping Centres, The Mall and Westfield had all been “fantastic and really wanted to be helpful” when Stylo hit problems.

Tycoon Sir Philip Green, in whose Arcadia stores Stylo has concessions, was also supportive. Ziff said: “The point is, they wanted to see us survive.”

Discussions are now under way about terms on the shops Stylo will continue to run. “We’re sitting down and talking to landlords and they’re very receptive to having a conversation with us,” he said.

Despite Stylo’s failure to achieve a CVA, he did not rule out their use in the future by other troubled retailers. “I hope someone does it and gets it past,” said Ziff. “We are in unprecedented times. It is logical for all concerned to sit down and see if you can find a way forward to rescue companies.”

Ziff now intends to focus on improving Stylo’s business. He said: “We will look to maximise turnover and profit in fewer shops by having the best people and product and driving things as hard as we can.”