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Creditors of Apricot have reportedly voted in favour of the retailer exiting its company voluntary process (CVA) 16 months earlier than planned due to an improvement in trade, according to Drapers.
Apricot launched a CVA in January 2021 to move 13 of its 14 UK standalone stores to turnover rent leases. Drapers said this decision came after landlords didn’t accept requests to renegotiate rents when the Covid-19 pandemic hit, although there were no planned store closures.
Philip Chaimo, Apricot director and owner, told Drapers that the business was able to renegotiate terms on the majority of the stores due to an improvement in trade.
It has decided to exit the CVA process earlier than planned in order to free the business from the restructuring process and for creditors’ dividends to be increased.
The CVA was due to end on 31 December 2023, and the decision to finish the process early on 23 Tuesday August was reportedly unopposed by creditors, who all voted in favour of the decision.
