Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

The popular chain said it plans to launch a company voluntary arrangement (CVA) in the “near future” in a bid to push down its rents and clear some of its £1 billion of debt. The restructuring arrangement will save the company from bankruptcy but could see the closure of 15% of 449 restaurants and the loss of 1100 jobs. A spokesperson said the final outcome of the restructuring has “yet to be decided”. Landlords take hit Pension funds and companies like Legal and General will be hit directly (affecting pension policyholders) and indirectly through their shareholdings in companies like Land Securities. Many landlords will have no choice but to bite the bullet and accept a lower rent or sit on an empty property. We have already seen one large retail landlord go into administration and I’m sure many more will follow. I’m hearing similar stories in other countries which either have no safety net (or even temporary furlough schemes, which are coming to an end, e.g. in America). I would expect to see more tenants u