Blacks creditors agree CVA
KPMG's insolvency experts gain agreement on CVA with Blacks' creditors
Creditors of leisure group Blacks have approved a CVA approval.
CVA supervisor Richard Fleming of KPMG said the agreement was a “pivotal”
moment for the business.
“Without the approval of the CVA, the company faced administration, putting
4,300 jobs and 291 trading stores at risk,” said Fleming.
As part of the CVA, the landlords of the unoccupied stores will receive a
total compensation of £7.25m, which equates to approximately 6 months rent each.
The company will also continue to pay rates until the leases are surrendered
or forfeited in consultation with landlords