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Homebase landlords may not push back against CVA proposals

Homebase Hemel New

Although 95% of its creditors voted in favour of a Company Voluntary Agreement (CVA) last month, Homebase was still at risk of legal action from groups of landlords who were unhappy that their rent payments would be slashed as a result of the plan.

Following the vote, landlords were given a one-month deadline to challenge the CVA which will see the closure of 42 Homebase stores and the reduction of rent at many others.

Aberdeen Standard Investments and M&G were two of the landlords looking to take action against the business, having hired Hogan Lovells to push back against the CVA proposal which would see them experience a sudden loss of income from the affected properties.  

Begbies Traynor had also been appointed by separate groups of landlords over Homebase's plans to offer them reduced rental payments of between 20-90%.

The Financial Mail on Sunday has since reported that a property industry source said a challenge looked 'increasingly unlikely', as several larger landlords had switched their focus to other potential CVAs, with a particular focus on Debenhams.

Source : Insight DIY Team

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18 September 2018

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