Itsu to propose a CVA

3 August 2020

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Itsu to propose a CVA

Grab-and-go sushi chain, Itsu has launched a CVA to secure rent cuts at 53 of its 77 sites.  Itsu relies on office workers mainly in the big cities and has been hit hard by the pandemic. 

Alix Partners has been appointed to prepare the proposal to the creditors which will be put to them on the 19th August.

It is not expected that many of the sites will be closed at this stage.  In a cruel twist the company said that pre pandemic its sales were at record levels.

The company will be introducing cost savings and Covid-compliant procedures to try and survive, such as online ordering and self service using the latest technology.

Categories: Hospitality, What is a CVA or Company voluntary arrangement?

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