Micro Anvika will operate out of just two premises in London's Tottenham Court Road and one in Newcastle. The online business will remain.
Staff have taken a salary cut and a share scheme is being finalised. The directors Atul Patel and Ramesh Gohill are now drawing a salary of £20,000 a year between them, said Re10. In addition if the business makes more money than expected then the creditors will receive more
This does look like a strong CVA. Radical change is being proposed and the creditors might get a bonus if all goes well. Many CVAs do not go far enough or cut deep enough.