La Tasca, the Spanish Tapas chain with 48 restaurants, has had its CVA proposal put forward by Grant Thornton approved by 85.2% of its unsecured creditors on the 28th of August. The deal was that the restaurants are to be able to pay rents monthly and 19 restaurants have agreed a rent reduction.
The level of the rent reduction we do not know but yet again another retailer is helped by the CVA process. Simon Wilkinson, the new CEO said; the management of the chain is confident that a successful CVA process will secure the company’s future, safeguarding many jobs in the process.
He said: “We are also confident it will ensure the business moves forward profitably and attracts new investment, which in turn will allow re-investment in the existing estate and a programme of acquisition & expansion both within the UK & Internationally.”