Ann Summers launches restructuring to slash rent bill
The lingerie and sex toys retailer is seeking a Company Voluntary Arrangement to move 25 of its stores to turnover-based rents.
The lingerie and sex toys retailer is seeking a Company Voluntary Arrangement to move 25 of its stores to turnover-based rents.
It comes six years after Prezzo was bought by private equity firm TPG for more than £300 million.
The chain was founded by John Vincent and Boris Johnson’s ‘food tsar’ Henry Dimbleby.
Caffe Nero is the latest in a long list of businesses that have been forced to take drastic measures during the Covid-19 pandemic.
The group said it plans to hire 2,500 staff, with a view to creating around 2,000 further jobs as part of a three-year growth plan.
The CVA, which is being run by KPMG, is intended to reduce its rents in a bid to protect the long-term future of the business.
Sir Philip went from selling clothes in Mayfair to presiding over one of the biggest clothing empires in Britain, before being rocked by scandals.
The business launched a company voluntary arrangement earlier this month.
Shares in the company slid lower on Thursday morning after media reports that the chain was mulling a CVA.
It said 88% of creditors, including landlords, backed its Company Voluntary Arrangement (CVA) plan.
The coffee chain is launching a company voluntary arrangement.
The Insolvency Service figures for the first nine months also show £114.46m was paid in the third quarter of the year.
The 195-year-old retailer will keep stores open but is asking landlords for significant rent cuts as part of a CVA.
The Falcons held on to secure the away win.
The move comes just two months after the restaurant chain revealed plans to axe 1,100 roles and close 73 of its restaurants.