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    Courtesy of the Sunday Times.

    A prominent commercial landlord has voiced frustration at the wave of retailers seeking to cut their rent bills via restructurings. Lord Oakeshott, chairman of the property manager Olim, spoke out as the fashion chain New Look prepared to launch a company voluntary arrangement (CVA) with help from the accountancy firm Deloitte. Such restructurings allow retailers to leave loss-making stores and negotiate rent reductions.

    “CVAs completely undermine the rules for trading with other retailers who play it straight and pay their rents,” Oakeshott said. There have been fears about the impact of CVAs on the property market, but Rhodri Davies of the agency CBRE said prime locations continued to be “resilient”.

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