Busaba Eathai’s company voluntary arrangement (CVA) has been approved, with an 81% majority of creditors backing the proposals.

As part of the restructure, the Thai restaurant group will exit leases in Oxford Circus, Manchester, St Albans and Reading.

The Alan Yau-founded concept was acquired by London-based buyout specialist Tnui Capital earlier this year.

According to documents filed at Companies House, Tnui Asset Finance Ltd has £21.m of equity in the company, and so has 71% of creditor voting rights.

HMRC, Shaftesbury and the City of London voted against the proposals.

Duff and Phelps, which handled the process, said even when connected parties were excluded, creditors voting in favour exceeded the requisite majority of 50% or more.

The Terry Harrison-led company has nine sites open, with three, in Covent Garden, Leicester Square and the O2 understood to remain closed.