Shoe Chain Wynsors Looking At A CVA

Published on : 2nd June, 2026
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Investment firm Modella Capital has reportedly briefed staff on plans for a Company Voluntary Arrangement (CVA) for its recently acquired budget footwear chain, Wynsors World of Shoes, just six months after purchasing it.

The restructuring plan is expected to seek rent cuts at 36 of the chain’s 47 Northern England stores. It may also lead to select store closures, the shutdown of two distribution centres, and potential job losses for up to a quarter of Wynsors’ 400 employees.

Modella targets distressed UK retail businesses. While it successfully turned around Hobbycraft, other recent acquisitions—such as Claire’s UK and The Original Factory Shop (TOFS)—collapsed within months of purchase. The firm also owns TG Jones (formerly WH Smith), which is considering store closures, and recently bought Flying Tiger.

Readers Guide To the CVA Process

With Wynsors facing a potential Company Voluntary Arrangement (CVA), here is a quick guide to how the process works for retailers and creditors.

The Process: Unlike administration, the company’s directors stay in control. A CVA is a formal compromise agreement where a company pays back a percentage of its debts over a fixed time (usually 3–5 years). For it to pass, 75% of voting creditors (by debt value) must approve it.

Landlords & Stores: Retail CVAs are primarily used to slash rent bills. Landlords are divided into tiers: some stores stay open at full rent, some receive steep rent cuts, and underperforming stores are marked for closure with the leases handed back entirely.

Employees: Because the business keeps trading, day-to-day employment contracts usually continue as normal. However, if the CVA involves specific store or distribution centre closures—as reported with Wynsors—redundancies will occur at those targeted sites.

Suppliers & Customers: It is usually “business as usual” for customers; gift cards, refunds, and warranties remain valid because the company isn’t closing. Unsecured trade suppliers may see past debts compromised (paid at a few pence on the pound), but ongoing trade is paid normally.

Written ByRobert Moore

Insolvency Advisor & Content Lead

+447584583884

Rob has spent over twenty years on the front line of the UK restructuring sector, acting as a trusted first point of contact for many worried company directors. If you are facing aggressive creditor pressure or dealing with bailiff threats, Rob can talk to you through your options clearly

Rob is now working with the Board at RMT to develop strategic marketing programmes to support the business plan and drive more company rescues.

Robert Moore

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