Good news for the creditors and employees of JJS Sports plc and Blane Leisure Limited today, the creditors have approved a Company Voluntary Agreement (CVA) that sets out to determine leases on empty shops in exchange for 6 months rent on average.
This innovative scheme was a great use of the Company Voluntary Agreement (CVA) tool. Well done to KPMG and the other advisors to JJB. We believe that more and more struggling companies should use CVA's instead of administration or pre pack administration to restructure their business.
This news could mean that no administration is required and up to 12,000 jobs could be saved. A good days work!