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November 27, 2020
Finance

30 Carluccio’s restaurants to seal as creditors approve CVA proposal Magazine

The creditors of Carluccio’s, an italian man , restaurant and deli chain, have today approved its proposed company voluntary arrangement (CVA).

Will Wright, restructuring partner at KPMG and joint supervisor on the CVA, said: “This can be a leap forward for any business, allowing Carluccio’s to finish its financial restructuring plan and start an in depth operational transformation programme.

“Today’s vote saw 91% coming from all voting creditors as well as approve the CVA, surpassing the 75% total needed in to pass the resolution.”

The popular restaurant will be the latest victim from the downturn inside the shopping mall dining arena, which includes already seen manufacturers like Jamie’s Italian, Byron and Prezzo undertake CVAs and announce widespread closures.

Earlier this month,?CEO Mark Jones said: “Carluccio’s remains an extremely strong brand renowned for high-quality food. Independent studies have shown it is quite well regarded with the British public inside the premium Italian dining space.

“However, the business enterprise seriously isn’t immune from well-documented pressures sweeping in the casual dining sector and even lots of the wider UK high street, including retail.

“Regrettably this can be the only course of action available in case approved, will safeguard the way forward for the bunch, protecting this strong core business. So it will be inside the desires within the company, our people, our creditors and our customers.”

Carluccio’s are going to be announcing which areas suffer from the closure of the 30 sites, which will see up to 500 jobs lost.

 

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