CVA news and archive

Joules to consider CVA in bid to avoid collapse

Joules has admitted that it is considering a company voluntary arrangement (CVA) in order to pay debts to its suppliers. The retailer, which operates a 130 strong retail presence across the UK and Ireland, could be forced to suspend its operations if it decides to go through with the process. The group said it is continuing to assess its ongoing...

Report

Apricot to exit CVA ahead of schedule

British fashion brand Apricot is reportedly exiting its company voluntary arrangement (CVA) 16 months ahead of schedule. In January last year, the company switched 13 of its 14 UK stores to a turnover-based rent model following creditor approval of its CVA. There were no planned store closures. The CVA was due to end on December 31 2023, but...

ManagementFeatured

Ann Summers returns to profit in 2021, sales up 9 percent

Ann Summers has revealed it swung to a profit last year as it underwent a restructuring by way of a company voluntary arrangement (CVA). The British lingerie retailer said it made a “meaningful return to profit” in the year to June 2021, full details of which it said will be shared later this year at Companies House. In the same period, the...

Report

New Look wins landlord battle over CVA

New Look has won its court battle against landlords who were challenging the British fashion retailer’s company voluntary arrangement (CVA). In September 2020, New Look received the green light from creditors to go ahead with its second CVA in less than two years. Under the terms of the restructuring, the retailer switched to turnover-based...

Report

New Look in court battle with landlords over CVA

New Look is reportedly facing off against four landlords in a High Court battle over the British fashion retailer’s restructuring plan. The landlords, which include British Land and Land Securities, argue New Look should pay a “bare minimum market rent” on its stores as part of its company voluntary arrangement (CVA) which received approval from...

ManagementFeatured

The Dune Group launches CVA proposal

High street footwear and accessories retailer Dune has launched a company voluntary arrangement (CVA), following a strategic review of the business. Founded in 1992 by chief executive Daniel Rubin as a small concession store on London’s iconic Oxford Street, Dune currently operates across 43 stores and 175 concessions and employs around 1,200...

Management

Dune mulls CVA amid strategic review

British footwear and accessories brand Dune could be the latest fashion company to launch a company voluntary arrangement (CVA) in the face of difficult trading conditions amid the pandemic. The British footwear retailer has called in advisers from KPMG to help it review strategic options that could lead to the launch of a CVA, Sky News reports....

Report

Apricot to switch stores to turnover-based rent

British fashion brand Apricot has reportedly switched the majority of its UK stores to a turnover-based rent model following the approval of its company voluntary arrangement (CVA). The move will affect 13 of Apricot’s 14 standalone stores, Drapers reports. The closure of the brand’s store or concessions are not part of the CVA. The company...

Retail

The British Property Federation calls for overhaul of UK insolvency rules

The British Property Federation (BPF) has written to the government urging it to overhaul UK insolvency rules. In a letter to corporate responsibility minister Lord Callanan, the group warned that the flexibility of the UK’s insolvency framework had led to an “abuse” of CVA processes which disproportionately impacted commercial landlords. A long...

ManagementFeatured

Ann Summers CVA approved by creditors

Ann Summers has received the green light from its creditors to go ahead with a company voluntary arrangement (CVA) to restructure its store estate. The CVA, which was approved by 90 percent of creditors, will affect the 25 of Ann Summers’ 91 stores it was unable to agree revised rent terms for with landlords. They will now move to turnover-based...

Management

LK Bennett gets green light for CVA

LK Bennett has been given the green light by creditors to move ahead with its company voluntary arrangement (CVA) that will see five of its stores permanently close and the rest move to turnover-based rents. The British womenswear retailer employs 400 staff and has 18 standalone stores. The retailer said last month that the CVA would result in a...

Management

Ann Summers launches CVA proposal

Ann Summers has become the latest UK fashion business to launch a company voluntary arrangement (CVA) in a bid to move its stores to a turnover-based rent model. The company said the CVA will only affect the 25 of its 91 stores it was unable to agree revised rent terms for with landlords. The brand has called in FRP Advisory to oversee the...