Monsoon founder seeks CVA to avoid fashion chain's collapse

Peter Simon pledges up to £34m to support struggling business and convince landlords to slash rents

The founder of fashion chain Monsoon Accessorize is ready to inject £34m into the struggling company in an effort to convince landlords to agree to rent cuts as part of a deal designed to thwart its collapse.

Peter Simon is seeking a company voluntary arrangement (CVA) for the business, a form of insolvency procedure that has proved unpopular with property owners because they are asked to accept lower income to ensure that shops stay open.

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