Company Voluntary Agreement

House of Fraser CVA could close up to half its stores

House of Fraser is expected to close around half of its UK stores as part of its upcoming Company Voluntary Agreement (CVA) next month. According to reports around 30 of its 59 UK stores are set to be axed as part of the CVA with rent cuts expected to be…

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Mothercare CEO takes £132k pay cut and rejoins

Mark Newton-Jones has been re-appointed as CEO of Mothercare on a salary of £480,000. The former CEO is being reinstated only a month after his resignation. David Wood, the former Tesco executive who had replaced Newton-Jones will now become Mothercare’s group managing director. A spokesperson for Mothercare told Retail Sector:…

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34 Carluccio’s restaurants to close after it announces CVA

Italian restaurant chain Carluccio’s has announced it is to close 34 restaurants as part of a recently announced company voluntary agreement (CVA). As many 103 UK sites are also set to “exit” as part of restructuring at the company. The CVA, yet to be approved by creditors will see the…

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Carpetright to issue shares to raise £60m fund ahead of CVA

Carpetright is to launch a proposed share issue in order to raise around £60m to help fund its restructure and recovery plans. The carpet retailer is planning to issue off 232,463,221 new ordinary shares by way of a placing and open offer at a price of 28 pence per new…

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Mothercare to shut 50 shops and restore CEO Mark Newton-Jones

Mothercare has announced as part of a Company Voluntary Agreement (CVA) it will shut 50 of its 137 stores with around 800 jobs axed. As part of its restructuring plan the parenting retail chain confirmed that a further 21 stores will see a rent reduction. Former CEO Mark Newton-Jones is…

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Mothercare to speed up store closures and job cuts

Mothercare have announced they are set to speed up the closure of stores and cutting of jobs, in order to attract fresh funds from investors. The baby store chain confirmed to media that it was launching an equity fund as part of a restructuring and refinancing package. The new strategy…

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Poundworld suspends CVA as US owners receive expressions of interest

TPG Capital, the US owner of Poundworld, has delayed plans of a potential Company Voluntary Agreement (CVA) for the discount retailer as it has received expressions of interest for the company. Poundworld was due to undergo a CVA that would have seen the closure of 100 of its 355 stores…

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The death of the UK high street

The high street as we know it is dead. Boring stores are dead. Or if they are not dead yet, they will be if retailers do nothing. The high street started to decline because retailers saw firstly that out-of- town, and then online were what customers wanted. It’s always driven…

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House of Fraser CVA prompts closures amid 51% sale

House of Fraser has confirmed the sale of a 51% stake in its group, which may lead to the closure of some of its stores. Chinese retailer C.Banner has acquired the existing shares from current owner Nanjing Xinjiekou, giving it majority control. Nanjing will retain its minority stake. The value…

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Store closure fears loom as House of Fraser appoints advisors

House of Fraser has appointed KPMG to advise the company on a restructuring plan, raising speculation that a number of stores may be about to close. The consultancy specialists are expected to look at all of the department store’s options including a Company Voluntary Agreement. The appointment is understood to…

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