Thai Leisure Group’s CVA (company voluntary arrangement) was approved last night, securing 90% support from creditors.

RSM advised on the restructurings of the 20-strong Thai restaurant group, which operates Chaophraya and Thaikhun.

It is the second CVA the group has entered into in less than a year, with a previous arrangement agreed by 95% of creditors in October 2019.

Ian Leigh, managing director of Thai Leisure Group said: “We are delighted to have just had our CVA approved. I would like to thank the landlords across our 20 sites and our bank Santander for their ongoing support of our company. I would like to thank our numerous suppliers for standing by us and all our loyal, hardworking employees. The CVA allows us to move forward to better times.”

Damian Webb, partner at RSM Restructuring Advisory, comments: “Although trading is difficult it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”