3
posts
in category Restructuring
in category Restructuring
Prezzo
The restaurant chain fell short of going into administration by entering into a company voluntary arrangement to enable the business to survive. The closures will allow the chain to exit unprofitable branches and save on rent, as well as paying off creditors over a fixed period.
- Administrators: N/A. Entered into CVA
- Year Founded: 2000
- Total Number of Employees: 4,500
- Total Number of Jobs Lost: 500
- Number of Retail Shops: 94 close | 200 remain open
- Managing Director/CEO: Jon Hendry Pickup
2018
Mothercare
In May 2018, it was confirmed that Mothercare would close 60 stores in the United Kingdom. A restructure plan was put into place in an attempt to save itself from its dangerous financial position.
- Administrators: N/A Entered into CVA
- Year Founded: 1961
- Total Number of Employees: 3000
- Total Number of Jobs Lost: 900
- Number of Retail Shop Closures: 60
- Managing Director/CEO: David Wood
2018
Byron
The burger chain was forced into a company voluntary arrangement (CVA) due to increased competition from delivery companies and pressure on the whole of the casual dining market. This is in addition to rising labour costs, business rates, rent and food inflation. Byron were forced to scale down the number of restaurants in order to focus on a smaller number of profitable.
- Administrators: N/A but KPMG acting as CVA advisors
- Year Founded: 200
- Total Number of Employees: 1800
- Total Number of Jobs Lost: —
- Number of Retail Shop Closures: 20 out of 70
- Managing Director/CEO: Simon Cope
2018
