BusinessBusiness RecoveryZolfo Cooper secures Walkabout owners’ CVA deal

Zolfo Cooper secures Walkabout owners' CVA deal

Approval of CVA cuts Intertain's debt by £16m

Zolfo Cooper secures Walkabout owners’ CVA deal

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.

Related Articles

AlixPartners advises Store Twenty One on CVA deal with creditors

Accounting Firms AlixPartners advises Store Twenty One on CVA deal with creditors

1y Richard Crump, Writer
BIS launches insolvency consultation

Business Recovery BIS launches insolvency consultation

1y Chris Warmoll, Writer
KPMG appointed as CVA ‘supervisor' to historic department store

Business Recovery KPMG appointed as CVA ‘supervisor' to historic department store

2y Chris Warmoll, Writer
CBW appointed liquidator to Hampshire windows manufacturer

Accounting Firms CBW appointed liquidator to Hampshire windows manufacturer

2y Richard Crump, Writer
FRP Advisory agrees Marussia CVA with creditors

Business Recovery FRP Advisory agrees Marussia CVA with creditors

3y Richard Crump, Writer
BHS landlords query long-term future of distressed retailer

Business Recovery BHS landlords query long-term future of distressed retailer

2y Chris Warmoll, Writer
KPMG prepares CVA for beleagured BHS empire

Business Recovery KPMG prepares CVA for beleagured BHS empire

2y Chris Warmoll, Writer
KPMG brought in as struggling BHS looks to cut costs

Business Recovery KPMG brought in as struggling BHS looks to cut costs

2y Chris Warmoll, Writer