Whilst landlords around the country are reeling following the number of CVAs mounted that demand rent reductions and, in some cases, rent holidays, British Land has agreed terms with new owner Mike Ashley who wants to keep the Plymouth House of Fraser store open. It had been earmarked for closure by the House of Fraser management team prior to Ashley’s firm acquiring the department store chain. However not all of the 184,000 sq.ft. are likely to be used by the department store, it is instead expected that the upper floors could be converted into a hotel or sublet to other retailers. Ashley already operates a substantial branch of Sports Direct in Plymouth city centre and a branch of Flannels which is located, more or less, opposite House of Fraser.
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