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Small Cap Value Report (Wed 16 Sept 2020) -BOTB, LGRS, ACSO, BRCK, EYE

Good morning, it's Paul here with the SCVR for Wednesday. Timing - I'm a bit tired today, so will have a rest, then come back and do some more after lunch. . New Look amp; Turnover Rents Fashion retailer New Look seems to have survived to fight another day, with creditors agreeing to its second CVA in recent years, voted through yesterday. Apparently this involved a 3-year rent holiday on some shops, and the majority moving to turnover rents (where rent is a % of turnover, rather than a fixed amount). This will give New Look a big, and unfair, competitive advantage over its rivals that are still stuck paying excessive rents under old leases. Paradoxically, it's the weakest retailers that are able to force through improved rental terms. Thus the weakest survive, and the strongest are punished - surely the opposite of what is supposed to happen? Quiz (LON:QUIZ) (I hold) recently announced that it has successfully moved most of its physical stores onto turnover rents, after it did a pre-pack administration. If landlords don't play ball, then they're given the keys back, and have an empty store. Quiz walked away from about a dozen stores...

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