A group of large UK landlords has filed a legal challenge to an insolvency procedure involving rent cuts for hair and beauty group Regis, in the latest attempt to fight retailers’ growing use of company voluntary arrangements.
British Land and Hammerson, two of the UK’s biggest listed landlords, and fund managers M&G and Aberdeen Standard have turned to the courts to fight the Regis CVA, which was voted through by creditors in October. The challenge could result in the CVA being overturned or suspended.
It comes after a series of retailers entered CVAs this year — including Homebase, Mothercare, Carpetright and New Look — as problems for high street retailers have mounted.
