A group of powerful landlords is set to take on House of Fraser, demanding better terms from the struggling department store chain as it tries to push through rent cuts and shop closures. Property giants including Legal &amp; General and Westfield have hired the restructuring firm Begbies Traynor and the property agency JLL to engage with House of Fraser as it prepares to launch a company voluntary arrangement (CVA), a form of insolvency that allows distressed businesses to walk away from certain liabilities. The group of about a dozen landlords is set to demand detailed forecasts for House of Fraser’s post-CVA performance, and could ask for an equity stake or share of its future profits. The property owners could threaten to vote against the CVA
UK high street landlords are set to do battle with tenants who they believe are under company voluntary arrangements ( CVAs ) to exit costly or difficult leases and save money . The tension comes as House of Fraser and Mothercare 's have begun to seek CVAs , including retailers Carpetright and New Look , as well as restaurant chains pizza 's pizza and Prezzo . Revo , an organisation representing local authorities , landlords and commercial property investors has appealed to a government select committee . Calling for an investigation into what it claimed were abuses of the CVA system by retailers .