The fashion tycoon has pledged to inject £25m of new cash into the fashion stores in return for rent cuts from landlords. He has also guaranteed a further £9m of funding if needed.

The struggling retailer is set to launch a CVA in a bid to reduce rents on around two thirds of its 271 stores.

Its larger 126 dual format Monsoon Accessorize stores are said to be the most troublesome; however, there are no immediate store closures planned. Simon is also considering slashing the rent that the retailer pays for its west London headquarters, which he owns.