Tossed and Vital Ingredient parent company Zest Food has had its CVA plans approved, safeguarding its 24-strong estate from closures for now.

The company trades from 24 stores in central London, 16 under the Tossed brand and eight as Vital Ingredient.

The Tossed branded stores remain in growth, however, the Vital Ingredient stores acquired in 2017 traded significantly below expectations, and that led to a restructuring of the whole company becoming unavoidable.

The CVA was proposed as being in the best interests of all creditors, landlords and the team, protecting the Tossed brand, and allowing for the company to discuss restructuring or exiting its onerous leases.

Managing director Neil Sebba said “We very much appreciate the support of our creditors in approving our restructuring plans. This has been an extremely difficult time for the company, but the CVA provides breathing space, and ultimately strong foundations for continued growth in the Tossed brand in the future.

“Protecting the jobs of all our team in such uncertain times is extremely important to us, and we are fortunate that no stores will need to close immediately. Looking to 2020, all viable stores will be converted to the Tossed brand, which remains the leading healthy, fresh-made-to-order offer. Our focus on technology in Tossed has been proven to stand the brand ahead of its peers, and we look forward to refocussing on that next year.”

David Rubin Partners acted as Nominees and Edwin Coe LLP advised the directors.