Leading landlords including British Land, Hammerson, Land Securities and Prupim voted in favour of the changes, unlike an earlier CVA proposed by Stylo.

Peter Best, head of UK asset management at Prupim, said there were key differences between the two deals. “CVAs should not be used to impose unreasonable terms on landlords or any other creditors and they should not be used to break the terms of existing lease documents across a portfolio,” he said. “Property owners often feel that insolvency practitioners are playing landlords off against each other, but in this case KPMG must be commended for the way they have dealt with things.”

And Liz Peace, chief executive of the British Property Federation said: “This is a positive result for the many hundreds of people employed by JJB. It is clear evidence that landlords are willing to be flexible to support their tenants and help keep people in their jobs.

“We hope the open and honest manner under which CVA was worked up can become a benchmark for any future agreements. It is vital we have tougher rules around insolvency practice that protect landlords and their own investors and shareholders, as well as ensuring a fair procedure exists to keep firms in business.”