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Gloucestershire Business News

Big name retailers fail to pay rent

Value retailers Matalan and Poundstretcher are said to be under pressure from landlords to pay rent during lockdown.

Fashion retailer Matalan, which has stores in Gloucester and Cheltenham, was issued with a writ from landlord Sheet Anchor Evolve, but has now settled the debt, as reported by Retail Gazette.

The company, run by a billionaire businessman, was last week seeking £60 million to help it get through the coronavirus pandemic, after closing 232 stores.

Poundstretcher, which has a store in Gloucester, is facing three separate claims from landlords Sheet Anchor Investments, L&C Investments and Black Office.

The company was already struggling before coronavirus, with accounts filed earlier this month showing it had swung to a pre-tax loss of £227,000 for the year to 31st March.

Earlier this month, Poundstretcher was among retailers facing legal action due to its failure to pay rent, despite staying open during the lockdown.

Matalan Picture credit: Imagery ©2018 Google maps, Map data ©2018 Google

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