Decision

Exemption from publication: There are confidential appendices to this report, which are exempt by virtue of paragraph 3 of Schedule 12A of Part 1 of Schedule 12a of the Local Government Act 1972 because they contain information relating to the financial or
business affairs of any particular person (including the authority holding that
information)

To surrender the existing lease

Reasons for the decision

Decision rationale: The current tenant entered into a court-approved Company Voluntary Arrangement-style Restructuring Plan (RP) in mid 2025. Without the plan, the company warned it would be out of cash and facing insolvency by late August–September 2025. The tenant closed 33 stores in January 2026, which includes the Friars Square store, and will not pay further rent or occupational costs. Surrender allows us to re-let and to
receive a small surrender payment provided this is completed prior to 31st March

Alternative options considered

Let lease continue despite closure

Benefit: None until 18 April 2026. After this date, void rate liability remains with River Island.

DisBenefit: Harder to agree a new lease with new tenant without vacant possession. Administrators could
delay surrender and the anticipated additional payment
following surrender before 31 March, as stated in the (RP), will not be received