The British Property Federation (BPF) criticised House of Fraser for failing to discuss restructuring plans with landlords before they were announced by then Chinese owner Nanjing Cenbest.

House of Fraser

Source: Shutterstock/ Graeme Dawes

The retailer unveiled plans to launch a formal company voluntary arrangement (CVA), whereby it would close 59 stores and renegotiate rents on others. The BPF said there was a lack of discussion with landlords and they would support the CVA grudgingly if at all.

More recently, Frasers Group said its properties could take a more than £200m hit on value, double its estimate in February.