British Land, the FTSE 250 industrial property firm, has employed legal professionals 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 below its restructuring plan, whereas it’s River Island’s landlord at 22 retailers – seven of which might be affected.
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Retail business sources mentioned that British Land had already struck offers to relet among the affected Poundland websites.
The corporate, which has a market capitalisation of £3.5bn and is one in every of Britain’s largest industrial landlords, is known to have abstained on the River Island restructuring plan vote.
The appointment of Hogan Lovells doesn’t quantity to a choice to formally problem the restructurings, however that is still an choice in each circumstances, based on business sources.
Hogan Lovells has been engaged on a string of earlier challenges to retailers’ rescue offers on the idea that they unfairly compromised property-owners.
About 20,000 jobs would doubtlessly be put in danger if Poundland and River Island have 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 probably be completely closed.
British Land declined to remark.
