British Land boss attacks CVA ‘loophole’ for retailers

Chris Grigg

Head of UK’s second-largest property company says ‘loophole in the law’ puts landlords at a disadvantage.

In an exclusive interview with Property Week, the chief executive of the UK’s second-largest property company said a “loophole in the law” put landlords at a disadvantage when creditors came to vote on a retailer’s CVA.

Grigg said he was also concerned about the announcement earlier this week by Next chief executive Lord Wolfson that the fashion store was exploring the idea of putting a clause in its new leases, enabling it to demand rent cuts from landlords if a neighbouring store had its rent reduced via a CVA.

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