CVA news and archive

The Original Factory Shop launches CVA, thousands of jobs at risk

Discount retailer The Original Factory Shop (TFOS) has officially proposed a company voluntary arrangement (CVA), potentially putting nearly 1,000 jobs at risk. According to Sky News, the firm’s parent company Modella Capital, which acquired the company in February, launched the process on April 24 and, with it, has drawn up a plan to negotiate...

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The Body Shop: French subsidiary falls, UK CVA to be explored

Aurelius is continuing down the spiralling path of restructuring The Body Shop, and has now put the struggling beauty retailer’s French subsidiary into administration. Akin to similar moves in Germany, the UK, the US and Belgium, The Body Shop filed for bankruptcy with the Paris commercial court, as reported by various media, granting the...

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Authentic cuts ties with AARC, reportedly mulling CVA for Ted Baker

Authentic Brands Group is believed to be mulling a possible Company Voluntary Arrangement (CVA) for Ted Baker according to reports that began circulating after the brand management firm confirmed it had cut ties with AARC, a Dutch company that had been running the brand’s stores and e-commerce business in the UK and Europe. A spokesperson for...

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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...

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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...

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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...

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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...

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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...

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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....

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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...

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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...

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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...