The Restaurant Group has confirmed that its proposed CVA for its leisure estate has been approved.
It said over 82% of all creditors voted in favour of the proposal (75% approval required) and over 65% of the unconnected creditors voted in favour of the proposal (50% approval required).
In accordance with the relevant statutory provisions, there is a 28-day period, following the filing of the report by the chair of the meeting, in which a creditor may apply to court to challenge the CVA.
This will leave 160 sites in the TRG leisure arm, 85 of which will be subject to a reduction in rental costs and revised lease terms.
TRG will reveal more detail in its interim results.
“These are exceptionally challenging times for our sector and TRG is extremely grateful for the support shown by our creditors in today’s vote,” said TRG CEO Andy Hornby.
“The approval of the CVA is a critical component in ensuring the future prospects for our Leisure business. I would like to wholeheartedly thank our colleagues who have shown extraordinary commitment throughout the process.”
Precis
TRG successful in CVA bid
The Restaurant Group has confirmed that its proposed CVA for its leisure estate has been approved. It said over 82% of all creditors voted in favour of the proposal (75% approval required) and over 65% of the unconnected creditors voted in favour of the proposal (50% approval required). This will leave 160 sites in the TRG leisure arm, which is largely made up of Frankie & Benny’s, 85 of which will be subject to a reduction in rental costs and revised lease terms.
