LANDLORDS have given the green light to formal menswear retailer Moss Bros’ major restructuring plans.

The high street chain revealed plans last month for a company voluntary arrangement (CVA) in a bid to secure rent reductions.

Moss Bros said on Tuesday that more than 80 per cent of its creditors voted in favour of the deal, surpassing the 75 per cent threshold required to pass the move.Brian Brick, chief executive of Moss Bros, said the approval of the CVA would allow the company to “reset” its cost base and “emerge from the pandemic on a sure financial footing”.

The retailer, which was affected by closures, wedding cancellations and decreased demand for office clothing, operates 128 retail stores, including branches at Southampton's Marlands Shopping Centre and at Whiteley Shopping Centre. It employs around 800 staff.

It was acquired by Crew Clothing owner Brigadier for £22.6million in June, after the Takeover Panel stopped the buyer from pulling out of an agreement as the coronavirus pandemic worsened.

Mr Brick said: “We are incredibly grateful to our landlords and suppliers for their support in this process and proud of our employees for the way they have dealt with all that 2020 has thrown at them.

“We also recognise the backing of our new shareholders throughout the challenges of the takeover, pandemic and CVA process.

“We look forward to continuing to evolve our brand and ranges to serve all our customers, old and new, just as we have for so many years.”

Will Wright, head of regional restructuring at KPMG and joint supervisor of the CVA, said: “The passing of the CVA provides Moss Bros with a solid footing upon which it can continue to navigate through this period of extreme uncertainty.”