Creditors support Carluccio's CVA plan

31st May 2018

Our proposal to enter a CVA (Company Voluntary Arrangement) has today been supported by a majority of our creditors.

The proposal for a CVA was needed to restructure the business by facilitating the closure of a minority of loss-making restaurants. The process will impact up to 30 restaurants. No landlord for our remaining restaurants is affected and nor are any of our other creditors. 

The positive outcome of the vote paves the way for a far-reaching investment programme, underpinned by new funding into the business that will drive a comprehensive programme of restaurant refurbishments.

These developments follow a strategic review of the business, led by our new CEO Mark Jones, who joined the business in January 2018. 

This is what Mark said about the vote: “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 and our majority shareholder Landmark Group for backing the management team and our vision. 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.”

We will make further announcements on closures as soon as is practicable.
 
Grazie. 


KPMG has been handling the CVA process on our behalf.  For more information visit here.

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