Some of the UK’s biggest commercial landlords have backed a deal which will save more than 6,100 jobs at JJB Sports after the sporting goods retailer met creditors to seal a company voluntary agreement (CVA) avoiding administration.

However the British Property Federation, representing landlords, said the result should not be seen as a green light for other businesses to exploit CVA rules and dump failing properties, unless they are in genuine difficulty.

The BPF praised JJB’s and advisor KPMG’s transparent dealings with creditors, and said that the inclusion of a ;clawback’ mechanism in the CVA – a dividend that will see affected landlords compensated for some of their losses – should be held up as an example for future deals.

A CVA is essentially a ‘reduce it or lose it’ deal whereby JJB will agree to pay its creditors a proportion of what it owes them. Landlords of JJB fall into three categories under the CVA. Some will see their properties vacated by April 2012; some will have to accept 50% of the rent due to them for two years, and may see their stores closed, and some will see their properties remain open but with rent paid monthly rather than quarterly.

According to KPMG, creditors are likely to receive between 25p and 29.2p in the pound they are owed under the CVA, but this compares with just 1p if the company falls into administration.

JJB recently said it had secured key support from its shareholders, including the Bill and Melinda Gates Foundation, for a £65m fundraising, while Bank of Scotland is also prepared to extend £25m in working capital. However, the support is conditional on a successful CVA vote, which requires backing from 75% of all creditors. Landlords made up the bulk of the creditors and so they controlled the vote.