British Land, the FTSE 250 business property firm, has employed attorneys to scrutinise rescue offers for the excessive road retailers Poundland and River Island.
British Land owns 20 Poundland shops, 13 of which might see rents compromised underneath its restructuring plan, whereas it’s River Island’s landlord at 22 outlets – seven of which might be affected.
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Retail trade sources stated that British Land had already struck offers to relet a few of the affected Poundland websites.
The corporate, which has a market capitalisation of £3.5bn and is considered one of Britain’s largest business landlords, is known to have abstained on the River Island restructuring plan vote.
The appointment of Hogan Lovells doesn’t quantity to a call to formally problem the restructurings, however that continues to be an choice in each instances, in keeping with trade sources.
Hogan Lovells has been engaged on a string of earlier challenges to retailers’ rescue offers on the premise that they unfairly compromised property-owners.
About 20,000 jobs would probably be put in danger if Poundland and River Island had been to break down altogether.
Each face sanctions hearings in courtroom this month which is able to decide whether or not their rescue offers can go forward.
Even when the proposals are rubber-stamped, about 100 shops in combination throughout the 2 chains will likely be completely closed.
British Land declined to remark.
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