Aspinal of London's CVA approved

12 October 2020

Aspinal of London's CVA approved

Update

It has been reported that Aspinal's CVA has been approved which means that its10 standalone stores will close.

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Aspinal of London, the leather goods and handbag brand, is heard to be seeking a Company Voluntary Arrangement.

This type of restructuring could see some of its 10 standalone stores close. 300 employed staff have their jobs at risk.

It was just in January that advisers, KPMG, were drafted in to assess the options possible for the company, with talks around a potential sale.

When COVID-19 hit, the brand was impacted profoundly by the impact on consumer confidence and footfall, as chairman, Iain Burton said.

Since the coronavirus lockdown, most of its stores have not reopened.

‘’If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.’’

Aspinal of London was founded in 2001 by Iain Burton. As well as its 10 standalone stores, it has concessions in Harrods and Selfridges. For the year to 31 March 2019, an 11% year-on-year increase in turnover was experienced. But losses before tax doubled to £4.4 million and operating losses rose to £4 million.

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