A prominent property investor has warned that retailers are taking advantage of a controversial insolvency procedure after New Look tried to cut the rent on a unit he owned — then allegedly offered to pay more when he decided to cancel the lease instead.
Paul White, chairman of the fund manager Frogmore, said he had found it “distressing” dealing with the fashion retailer as it pushed through a company voluntary arrangement (CVA) with the accountancy firm Deloitte.
