Multiple landlord CVA successfully approved

We read elsewhere that CVAs are possibly going out of favour for retail. Perhaps pre-pack administrations are better they suggest. Part 26A Restructuring Plans are increasing in number and can avoid the stigma of insolvency led restructuring. All valid arguments.

As most people in the turnaround and insolvency world know, KSA are passionate advocates of CVA-led turnarounds and have worked with hundreds of companies over nearly 25 years, across all UK business sectors, from recruitment to manufacturing, from logistics to marketing, from SAAS/tech companies to retail.

Any retail CVA is a challenge for sure, given the need to deal with multiple landlords and their leases to consider. This business had a turnover of over £20m and 25 stores. Our experience of working with a wide variety of stakeholders in rescue scenarios, our deep financial modelling approach, knowledge of the law and current case law best practice, results in a CVA proposal that has greater than 90% likelihood of being accepted by creditors.  But don’t just take our word for it….

Dear KSA Team
Now that we have passed the 60-day landlord break option deadline, I wanted to drop you a line to say a big thank you for all your hard work in relation to our CVAs.

The journey was planned meticulously and executed perfectly by all concerned. Some curve balls were thrown, but we worked well together to deal with them. It was the first successful CVA in the fashion retail industry in over 2 years, which is quite an achievement, and I am so pleased that we have managed to protect a fantastic business. There is still plenty of work for us to do, but the future is genuinely bright, and the process has provided a much needed ‘re-set’ to allow us to rebound.

It was a pleasure to work with such a knowledgeable, committed, and hardworking bunch of professionals – thank you.
Director

Our thanks to Paul Rushworth of Clarke Mairs for his guidance and wisdom.

Get in touch at 0800 9700539 or call me on 07974 086779