Italian chain’s creditors have voted in favour of a CVA
Struggling Italian chain could shut more than 30 of its restaurants, putting 500 jobs at risk after its landlords back a restructuring plan.
Yesterday, 91 per cent of the restaurant chain’s creditors voted in favour of a CVA— an insolvency procedure that is currently being used by retailers to shed loss-making sites.
The Carluccio’s chief executive, Mark Jones, said: “We are pleased that our proposal for a CVA has been approved by our creditors. This vote was vital to protect our strong core business and the Carluccio’s brand.”
“I would like thank our landlords for their support. We now look forward to a positive future and the on-going development of the Carluccio’s business and of course our passionate people.”
“The positive outcome enables us to kick-start an extensive programme of reinvigoration across our estate – with the aim of elevating the guest experience and underpinned by our brand ethos of minimum of fuss, maximum of flavour, which was so passionately championed by our founder Antonio Carluccio.”