Landlords of Blacks Leisure, the outdoor clothing retailer that owns Millets, are expected to vote today in favour of a deal that would save 5,000 jobs.

The 101 landlords of 89 stores that have closed or are due to close will have to agree to give up their leases in return for only six months’ rent. The deal should safeguard the remaining 291 stores.

It is understood that the landlords Westfield, Land Securities, Threadneedle, Capital Shopping Centres and Prupim, the Prudential’s property division, will approve the deal, enough to reach the 75 per cent majority Blacks needs. Other landlords include British Land, Hermes, Liberty and Hammerson.

Liz Peace, chief executive of The British Property Federation, said that landlords’ support came tinged with anger, because they felt that they were not receiving anything for the company voluntary arrangement (CVA).

“Landlords are giving up hundreds of years of rental income to keep a retailer afloat,” she said. They, rather than the shareholders, would bear the pain, she said.

Blacks has set aside a pot of £7.25 million to compensate the 101 landlords, equivalent to around six months’ rent each. If creditors agree, the CVA will go into force on December 23.

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