Zolfo Cooper secures Walkabout owners' CVA deal
Approval of CVA cuts Intertain's debt by £16m
ADVISERS at Zolfo Cooper will supervise a company voluntary arrangement at Walkabout pubs owner Intertain after a deal was struck with creditors.
Peter Saville, Nick Cropper and Catherine Williamson of Zolfo Cooper’s restructuring services team have been appointed as joint supervisors of the CVA after a majority creditors backed proposals that will halve the company’s debt burden.
Approval of the CVA will strengthen Intertain’s balance sheet cutting its debt from £30m to £14m, while the pub operator’s secured lender will commit £6m of new funding to support a capital investment programme.
Saville said the deal will enable Intertain to “revise certain lease terms and to restructure its business for a sustainable future by focusing on a more profitable core estate”.
The company, which owns and operates 32 bars trading principally under the Walkabout brand, was acquired by John Moulton’s private equity fund Better Capital last year.
Intertain was formed in 2009 out of the collapse of Regent Inns in a controversial pre-pack deal.