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As Britain’s major landlords this week digest the implications of creditors to New Look approving a company voluntary arrangement that will slash the retailer’s rents, did any of them sit there and ask: Who invented the CVA, why and how did it come to this?
Perhaps they should have done. Because the origin story of how CVAs became part of the British business and property landscape gives an insight into what the process was meant to do and how it is reshaping towns and cities today. It is a story that takes in a property developer whose eventual bankruptcy broke records and was seen as posing a threat to the stability of the financial system, and the DeLorean cars made famous in the Back to the Future film series. Its echoes reverberate down the years to be heard today.
New Look’s CVA is the 16th undertaken by a retailer or food and beverage brand so far this year, British Property Federation data shows, and perhaps the most important so far, raising the possibility of…
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