Staff at one of Britain’s  biggest outdoor retail chains can breathe a little easier after the company’s landlords agreed to a deal which will stave off a plunge into administration.

Blacks Leisure asked landlords of its shops to agree to a Company Voluntary Agreement which would see them share a compensation pot of £7.25m to be paid in two parts. 98 per cent of the landlords agreed to the deal, way above the 75 per cent needed to continue with the deal.

The acceptance of the CVA was crucial to continuing support of banks for Blacks as it struggles with poor results, much of which is down to reduced sales of its boardwear brands. Blacks runs 291 stores under its own brand and the Millets name, and employs 4,300 staff.

Chief executive Neil Gillis said: “We are delighted with the overwhelming support the CVA proposals have received today. This outcome is a powerful endorsement by the creditors of the company that the CVA is in the best interests of all concerned.”

After closure of the 89 unprofitable stores, there will be a total of 314 Blacks, Millets and Freespirit stores operated by the company.