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It would seem that it is not only the tenants that are continuing to suffer during the current harsh economic conditions. Recent press has followed the decline of two well established brands, namely La Senza and Blacks. Both retailers appointed top accountancy firms to implement emergency rescue plans, known as “pre-pack administrations” .
A pre-pack administration affords struggling companies some protection from their creditors. However, landlords as unsecured creditors, are unable to protect their interests as they are unaware of the pre-pack administration.
Whilst the sale of both the La Senza and Blacks businesses has prevented a further two faces from disappearing from the high street, it has left landlords feeling the sting of a further two pre-pack administrations. Perhaps the sensible solution is for landlords to enter into negotiations with their tenants at the first signs of trouble as surely a reduced income is better than having a huge rental bill wiped clean courtesy of a pre-pack administration?
Landlords should reconsider summary judgment if a Part 26A restructuring plan is pending.
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A landlord’s claim for summary judgment to recover rent and service charge arrears accrued since the start of the pandemic against a non-essential retailer succeeded. Like London buses, a second such case has followed hot on its heels.
Whilst this decision may not be surprising, it will undoubtedly send a chill down the spine of retailers in a similar position to The Fragrance Shop.
35,000 workers working in ASDA’s retail business sought to compare themselves to workers at distribution depots for equal pay purposes. Find out more about this Employment Appeal Tribunal.
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