{"id":162375,"date":"2019-10-18T15:22:13","date_gmt":"2019-10-18T15:22:13","guid":{"rendered":"https:\/\/www.theindustry.fashion\/monsoon-accessorize-future-remains-critical-despite-cva-accounts-show\/"},"modified":"2021-08-12T14:04:53","modified_gmt":"2021-08-12T14:04:53","slug":"monsoon-accessorize-future-remains-critical-despite-cva-accounts-show","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/monsoon-accessorize-future-remains-critical-despite-cva-accounts-show\/","title":{"rendered":"Monsoon Accessorize future remains critical despite CVA, accounts show"},"content":{"rendered":"

Monsoon Accessorize remains in a critical condition<\/strong> despite securing a restructuring deal, according to new accounts filed at Companies House.<\/p>\n

<\/p>\n

The retailer\u2019s future remains in the hands of founder Peter Simon, who committed \u00a330 million in loans<\/strong> to support the business following its company voluntary arrangement (CVA) restructuring deal.<\/p>\n

Monsoon Accessorize said it believes it can continue using \u00a312 million of the owner\u2019s loans,<\/strong> but may need to call on Simon for the extra \u00a318 million unsecured loan if trading conditions substantially worsen, the accounts said.<\/p>\n

But the company\u2019s auditors said that management forecasts show targets are set to be missed in the more pessimistic scenario,<\/strong> meaning access to a further \u00a318 million to keep the business afloat may not be available.<\/p>\n

The report, signed by auditors at BDO, says covenants \u201care expected to be breached\u201d if this scenario plays out, but the company claimed this is unlikely.<\/strong><\/p>\n

If that happened, it would be up to Simon to decide whether to hand the money over to the business<\/strong> to continue trading, renegotiate a new loan deal, or let the retailer collapse.<\/p>\n

The auditors said the fact that Simon could choose not to hand over the \u00a318 million facility if covenants are breached means \u201cthere can be no guarantee that funding sources will be available <\/strong>should they be needed\u201d.<\/p>\n

The company\u2019s ability to continue as a \u201cgoing concern\u201d therefore hangs on its ability to trade using just the \u00a312 million loan<\/strong>, or ensure it can access the extra funding, the accounts said.<\/p>\n

However, Monsoon Accessorize said it has performed ahead of forecasts for the first month<\/strong> of the new financial year.<\/p>\n

The company also delivered positive underlying profits, of \u00a31.2 million in the 2018 full-year<\/strong>, and has continued to post positive earnings for the 2019 full-year.<\/p>\n

The group said that trading since 2018 has been \u201cextremely difficult\u201d as it battled \u201cdepressed consumer spending\u201d in the UK.<\/strong><\/p>\n

Monsoon Accessorize suffered \u201cslower growth in online sales\u201d<\/strong> as like-for-like retail sales continued to decline in the most recent year, it said.<\/p>\n

The stark warning comes less than a month after the retailer started to implement its CVA, after British Land dropped a legal challenge<\/a> against it last month.<\/p>\n

Without the CVA, which involves landlords agreeing to rent cuts, Monsoon Accessorize\u2019s owners claimed the chain would collapse.<\/p>\n

However, British Land demanded Simon stump up extra money in return for agreeing to the CVA.<\/strong><\/p>\n

Rent reductions will take place across 135 of Monsoon\u2019s 258 stores in the UK.<\/p>\n

The retailer plummeted to a \u00a322.5 million pre-tax loss<\/strong> for the year to August 2018, from a \u00a32.2 million loss a year earlier, according to the recently filed accounts.<\/p>\n

Turnover fell by 4.6% to \u00a3296.4 million<\/strong> for the year as its Monsoon Ladies and Monsoon Children brands both suffered like-for-like declines.<\/p>\n","protected":false},"excerpt":{"rendered":"

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