The owner of Monsoon and Accessorize has called in advisers as it moves through a cost-cutting process that is expected to include store closures.

The parent company of the chains has brought in Deloitte to prepare plans amid reports it could consider possible possible Company Voluntary Arrangements.

Any proposals are also likely to include rent reductions on Monsoon and Accessorize's joint estate of almost 270 sites.

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A spokesman for Monsoon Accessorize said: "The UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally.

"We have made no secret of the fact that we have steadily reduced our store portfolio in recent years and shall continue to do so as leases expire.

"We are looking at options to accelerate these store closures."

British Airways owner IAG has announced that chief financial officer Enrique Dupuy de Lome will step down from the board at the company's annual general meeting in June.

Replacing him will be Steve Gunning, currently finance chief at British Airways.

Mr Dupuy de Lome has been chief financial officer of IAG over the past eight years and prior to that he held down the same role at Iberia for 20 years.

Group chief executive Willie Walsh said: "Enrique has done a fantastic job at IAG. He played a critical role in establishing the group and was a major force in delivering our strong financial performance."

Carr's Group has seen half-year profits dip after being hit by difficult conditions in its agriculture division and pension scheme charges.

For the six months to March 2, the agriculture and engineering group posted pretax profit of £10.3 million, down 2.6% from £10.6 million a year ago.

Revenue, meanwhile, increased 3% year-on-year to £206.2 million from £200.1 million.

The reduction in profitability was partly due to £1.1 million in charges linked to the company's pension scheme.