Landlords take action against Poundstretcher

Discount chain Poundstretcher has been hit with winding-up petitions from its landlords over rent payments owed during the lockdown period. As a retailer stocking essential goods, Poundstretcher has stayed open since the lockdown began in March. Documents lodged last week, seen by EG, show that landlord LCP has issued petitions against the retailer through four of its special purpose vehicles – Sheet Anchor Investments, Sheet Anchor Evolve, L&C Investments, and Proudreed Real Estate. Landlord Black Office has filed a separate petition for a winding-up order. This is a vehicle controlled by property investor Praxis, according to filings on Companies House. The winding-up petitions target both Poundstretcher’s limited company and property holding company. LCP claimed it was forced to issue statutory demands after Poundstretcher was not “willing to communicate” and “refused to pay any rent”. The landlord had also filed similar petitions against retailer Matalan, which have since settled. A spokesperson for LCP said: “The government made it clear that landlords and tenants should negotiate to find an equitable way to share the burden. “Transferring all the pain to the landlord is not reasonable.” The retailer, which operates around 450 stores in the UK, is also facing a separate commercial contract dispute from MTS Logistics. Charles Russell Speechly is advising LCP, while Praxis Law is acting for Black Office. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette