With much of the High Street struggling, it might seem like a strange time for private equity to be piling into UK retail investments.

Well-known clothing chains such as BHS and Austin Reed have collapsed. Next's retail arm saw a 4.7% fall in sales from January 31 to May 2 and cut its sales outlook, voicing concerns over a wider slowdown in consumer spending. Many shops are also struggling to cope with rising rents, the introduction of the national living wage - estimated by the Centre for Retail Research to cost retailers £3.26 billion per year until 2020 - and added competition from online retailers.